Warren Buffett: ‘Get Rid of the Debt Ceiling’

Berkshire Hathaway CEO Warren Buffett told CNN on Wednesday that the debt ceiling should no longer be used as leverage by members of Congress to address spending issues. He said that the Congress should approve a “long-term” increase in the ceiling, but the most optimal outcome would be to eliminate it entirely.

“I am concerned about kicking the can down the road,” Buffett said, “But the can should disappear, I mean, in terms of the debt ceiling.”

“The idea that you’re going to just reenact this present scenario two months from now is crazy,” he added.

RELATED: GOP Rep. Baffles CNN’s Burnett: You’ll Raise Debt Ceiling for a ‘Few Weeks But Not a Couple Months?’

“Get rid of the debt ceiling would be the best thing,” Buffett said. “But enact a long-term debt ceiling with a big number if they want, and then get back to arguing about the other things.”

“I personally think a majority will do the right thing before very long,” Buffett added.

CNN reporter Poppy Harlow asked whether those who suggest that default on America’s debt is unlikely because the Treasury Department can theoretically prioritize payments to U.S. bondholders, Buffett rejected that notion.

“You’re either a deadbeat or you’re somebody whose credit can be counted on,” he concluded.

Watch the clip below via CNN:

[Photo via screen grab ]

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