REUTERS/James Lawler Duggan
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.