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Warren Buffett: Playing with the debt limit is 'asinine'

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Financial guru Warren Buffett said Wednesday it would be “asinine” and a “pure act of idiocy” for the United States to default on its debts over political gridlock.

Speaking to CNBC’s “Squawk Box,” Mr. Buffett, the chairman of Berkshire Hathaway, compared a threat not to raise the debt limit, “after you’ve already spent the money,” to a weapon of mass destruction.

“I know it’s been used in the past, but we used the atomic bomb back in 1945, but we decided we weren’t going to do something like that again,” Mr. Buffett said hours before the nation reaches its debt ceiling at midnight.

The Senate is putting the last touches on a deal to raise the debt limit and reopen the government while tweaking aspects of Obamacare.

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