Buffett: US DEFAULT WOULD BE IDIOCY! A Political Weapon of Mass Destruction.

Warren Buffett, chairman and chief executive of Berkshire Hathaway, said Wednesday that the threat of not raising the U.S. debt ceiling is a "political weapon" and a "pure act of idiocy."

The idea that Congress could fail to raise the $16.7 trillion U.S. borrowing limit is a "political weapon of mass destruction," Buffett told cable television network CNBC.

Buffett said he thinks it would be absurd for American politicians to do anything to damage the country's reputation for paying its bills that has been established over the past 237 years.

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