Buffett Tells Congress To Act On Debt Ceiling…Now (GE, JNJ, KO, UPS, WFC, COST, MA, KFT, WMT, BRK.A, BRK.B)
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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