Buffett: There Are Some Political Weapons That Shouldn’t Be Used
“There are certain weapons that are just improper to use against humanity, and to use this against the American public — it is a political weapon of mass destruction. It’s too powerful.”
Speaking to CNBC on October 16, Warren Buffett, chairman and CEO of Berkshire Hathaway (NYSE:BRKA)(NYSE:BRKB), was making an allusion to the atomic bomb, but was directly referencing the fiscal impasse that has dominated Washington over the past several weeks. What started as a fight over the federal budget and the Affordable Care Act escalated into brinksmanship over the debt limit, and the prospect of a default — however unlikely — sent a chill through financial markets around the world.
The snafu began at the end of September when ultra-conservative Republican members of the House of Representatives tried to use the federal budget as a vehicle to defund the Affordable Care Act. The strategy, perhaps most visibly championed by Senator Tex Cruz (R-Tex.), failed, meeting uncompromising resistance from Senate Democrats and President Barack Obama.