In a taped interview with CNBC, Buffett said that “the market is not gonna fall apart, because investors expect Washington will only act irrationally for a certain length of time.” He also said that it would be “pretty damn dumb” if Republicans and President Barack Obama couldn’t reach an agreement on raising the debt ceiling. Buffett also said that health-care cost are a big problem for the United States, but he doesn’t blame that on Obamacare. Buffett claims that the health-care spending trends have been in place for decades. He went on to say that health-care cost “are a tapeworm of American business.” Buffet also said that his businesses were doing better, claiming that his furniture businesses are up 8% to 9% and that his railways transported 207,000 cars last week.
A decision is expected to be made regarding the debt ceiling later this year. A similar deadlock occurred during 2011, which caused the United States to lose its triple-A credit rating from Standard and Poor’s, reports Reuters.
The opinions contained in this column are solely those of the writer.
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