Warren Buffett gives a great interview here on CNBC full of commonsense about the debt ceiling. The 8 minute video is worth watching even with the price of a 30 second commercial. Warren Buffett said "the odds are very good" that if the U.S. misses the 8/02/11 deadline to raise the debt ceiling that nothing "catastrophic" will occur. "On the other hand," he added, "you're playing with fire when you don't need to play with fire and we don't need to tell the rest of the world that anytime people in Congress start throwing a tantrum, that we're not going to pay our bills."
"It is not a great pattern to project to the rest of the world," he said.
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