He is one of the richest man in America… in the world for that matter, and if the Republicans get their way, Warren Buffett would be the perfect example of the rich in America who will directly benefit from their no-tax policies. But Mr. Buffett is operating in the realm of reality, and he knows that what the Republicans are trying to do – balance the budget on the backs of the poor – is simply not possible. Warren Buffett is speaking out, saying that the Republicans are “playing Russian roulette” with America.
Today Mr Buffett, 80, hit out by claiming the GOP strategy was like a deadly game of chance involving passing around a six-chamber revolver loaded with a single bullet.
‘Five times out of six to raise the debt limit might not be dangerous, but the sixth time could have catastrophic consequences,’ he said at a Wall Street mogul conference in Sun Valley, Idaho.
He added that Republicans were ‘trying to use the incentive now that we’re going to blow your brains out, America, in terms of your debt worthiness over time.’
‘You’re playing with fire when you don’t need to play with fire,’ he also said, adding: ‘We raised the debt ceiling seven times during the Bush Administration,’The U.S. ran into its $14.29 trillion debt ceiling on May 16, but has since used spending and accounting adjustments, as well as higher-than-expected tax receipts, to continue operating without impact on government obligations.
The Treasury has set August 2nd as the deadline for raising the debt ceiling past the $14.2 trillion mark. Republicans, many in congress who saw no problem raising the debt ceiling for previous Republican administrations, are now the stumbling block, and seem willing to see America default on paying its debts, a move many economists predict will be catastrophic worldwide.