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WARREN BUFFETT: The Debt Ceiling Is A Weapon That Shouldn't Be Used Against The American People

Sam RoOct 16, 2013, 15:44 IST

REUTERS/James Lawler Duggan

Billionaire investor Warren Buffett is appearing on CNBC this morning.

CNBC's Becky Quick asked about the current budget fiasco we are all witnessing in the Washington.

Buffett characterized it as "idiocy."

He said that using the debt ceiling as a budget bargaining chip basically turns it into a political weapon of mass destruction pointed at the American people.

In terms of a potential default and the prospect of the U.S. dollar losing its status as the global reserve currency, Buffett warned that it would produce chaos over time.

More to come...