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Buffett Tells Congress To Act On Debt Ceiling…Now (GE, JNJ, KO, UPS, WFC, COST, MA, KFT, WMT, BRK.A, BRK.B)
by Todd Shriber | July 7th | Filed in: Hedge Fund and Institutional News
Legendary investor Warren Buffett said on CNBC earlier today that Congress is messing with fire when it doesn’t need to on the issue of raising the U.S. debt limit. Buffett, CEO of Berkshire Hathaway (BRK.A, BRK.B), made the comments as congressional leaders from both parties are scheduled to meet at the White House today to hold deficit-reduction talks in an effort to raise the debt ceiling so a default of U.S. debt can be avoided. Buffett’s Berkshire Hathaway is exposed to the U.S. economy through some equities, with some holdings being General Electric (GE), Johnson & Johnson (JNJ), Coca-Cola (KO), United Parcel Service (UPS) and Wells Fargo (WFC). Buffett said the $4 billion Uncle Sam spends each day will be missed if the debt limit isn’t increased and that the U.S. boosted the limit seven times under President George W. Bush, adding that there is no reason not to do so this time around. Buffett likened not raising the debt ceiling to playing a game of “Russian roulette” with one bullet in the revolver. At the end of the first quarter, Berkshire also held equity stakes in Costco Wholesale (COST), MasterCard (MA), Kraft Foods (KFT) and Wal-Mart Stores (WMT). If you want to see how your performance stacks up against Buffett’s or just view some of the firm’s top holdings, visit tickerspy.com to view the firm’s latest disclosed holdings and a chart of their combined performance.
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Tags: BRK-A, BRK-B, COST, GE, JNJ, KFT, KO, MA, UPS, WFC, WMT 
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July 8th, 2011 at 9:49 am
I don’t get it, why in God’s name would Buffett tout such a destructive course for this country. That’s 4 billion dollars spent daily that the government has no business spending and no way of covering. Buffett wouldn’t allow 4 million in spending go unchecked in his empire if he had no way to cover it, he would not tolerate a 4 million dollar loss every day for very long, this you can be sure of. So why would he tout that the government, essentially the citizens of the US, continue to do so?
July 10th, 2011 at 1:37 pm
What is it with Buffett???
This is not a partisan issue. It’s about overspending based on revenue. The government should not be running up so much debt and deficit spending. The only time in history that deficit spending has been helpful to the economy is when it was used for future investment and promote growth; not to keep the party going on.
The debt ceiling should not have been raised during the Bush administration either. Look what that led to…
The 3 D’s, debt, deficit spending and demographics will wipe out this country in the very near future unless something is changed. We cannot keep spending money we don’t have and expect the results to change.
Buffet has become a liberal pinhead in his old age and no longer a patriot.
This has nothing to do with saving the country, creating jobs or boosting the economy. It’s all about buying votes!
Where is all the TARP money that was repaid??? Why can’t they use that money to pay down our debt instead of creating more debt???
It’s in Obama’s slush fund. And it’s a given that the money has not been repaid as would have been if ‘we the people’ had borrowed money.