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Buffett: Allowing U.S. Default Would Be Idiocy

Wed, 10/16/2013 - 8:34am

OMAHA, Neb. (AP) -- Billionaire Warren Buffett says it would be idiocy for the nation's leaders to allow the United States to default on its bills.

Buffett is a renowned investor who leads the Berkshire Hathaway conglomerate. He appeared Wednesday on CNBC.

Buffett says he doesn't think the federal government will fail to pay its bills, but "if it does happen, it's a pure act of idiocy."

Congressional leaders were still working Wednesday morning on a deal to end the partial government shutdown and prevent default.

Buffett says he hasn't changed Berkshire's spending because of the budget battle.

And he hasn't yet seen an effect on consumer spending in the reports he gets from Berkshire subsidiaries like its furniture and jewelry stores, but that would change if the government defaults.

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