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
Warren Buffett On Debt Ceiling: Risky to Not Raise Debt Ceiling
In this May 2 photo, Warren Buffett gestures during an interview on the Fox Business Network.   (Nati Harnik)

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.

"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. (More Warren Buffett stories.)

Get the news faster.
Tap to install our app.
X
Install the Newser News app
in two easy steps:
1. Tap in your navigation bar.
2. Tap to Add to Home Screen.

X