Buffett: Debt Ceiling Game Is 'Russian Roulette'

He says not increasing limit is a dangerous idea
By Newser Editors and Wire Services
Posted Jul 7, 2011 2:54 PM CDT

(Newser) – Warren Buffett warned today that Congress is playing a dangerous game with the US debt ceiling. He compared the debate over raising the debt limit to a game of "Russian roulette" with one bullet in a revolver. Refusing five times out of six to raise the debt limit might not be dangerous, he said, but the sixth time could be catastrophic.

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"You're playing with fire when you don't need to play with fire," he said on CNBC. Buffett said Congress raised the debt ceiling seven times during George W. Bush's administration, so it would be silly not to do so now. "We don't need to tell the rest of the world that anytime people in Congress start throwing a tantrum that we're not going to pay our bills." More DC talks are set for this weekend. (Read more Warren Buffett stories.)

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