Tuesday, July 19, 2011

Warren Buffett: 'Disruptive' Debt Limit Debates Are 'Waste of Congress's Time'

As the White House and Congress continue to fight over raising the nation's debt limit, Warren Buffett says it would be better if the U.S. didn't have one at all.

Speaking to NBC's Kristen Welker at the White House today, Buffett said an "artificial" limit of the nation's debt [cnbc explains] is "disruptive" in Washington.

"All it does is slow down a process and divert people's energy, causes people to posture. It doesn't really make any sense ... To have this artificial limit, which always gets raised in the end, disrupt the activities, in an important way, of Congress, periodically, I think is a waste of Congress's time."

He's not alone. Today the credit rating agency Moody's suggested that eliminating a statutory limit on government debt would help ease uncertainty among bond holders.

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