Huffpost Business

Warren Buffett Wins Quote Of The Day: 'Creditworthiness Is Like Virginity'

Posted: Updated:
Warren Buffett smiles during an interview with Liz Claman of the Fox Business Network, in Omaha, Neb., Monday, May 6, 2013. The Berkshire Hathaway shareholders meeting took place over the weekend. (AP Photo/Nati Harnik) | AP

OMAHA, Neb. -- OMAHA, Neb. (AP) -- Billionaire Warren Buffett says it would be idiocy for the nation's leaders to allow the United States to default on its bills.

Buffett is a renowned investor who leads the Berkshire Hathaway conglomerate. He appeared Wednesday on CNBC.

Buffett says he doesn't think the federal government will fail to pay its bills, but "if it does happen, it's a pure act of idiocy."

"It would be a colossal readjustment of the world if people lost faith in the United States government to fulfill its obligations," he said. "To even play around with the idea is just totally irresponsible, and I think it should be banned from the arsenal of both parties."

"Creditworthiness is like virginity," he added. "It can be preserved but not restored very easily."

Congressional leaders were still working Wednesday morning on a deal to end the partial government shutdown and prevent default.

Buffett says he hasn't changed Berkshire's spending because of the budget battle.

And he hasn't yet seen an effect on consumer spending in the reports he gets from Berkshire subsidiaries like its furniture and jewelry stores, but that would change if the government defaults.

You can find the CNBC video below:

Also on HuffPost:

11 Smart People Who Want To Abolish The Debt Ceiling
Share this
Current Slide

Suggest a correction

Around the Web

A U.S. Default Seen as Catastrophe Dwarfing Lehman's Fall ...

History to judge TARP more positively: Warren Buffett -

Warren Buffett Says Default on U.S. Debt Like a "Nuclear Bomb"

Buffett's silly talk about the U.S. debt - Outside the Box - MarketWatch

Warren Buffett Says No Deal On Debt Ceiling Like A Nuclear Bomb ...

No Way U.S. Would Allow Debt Default? Don't Bet on It -

As US Default Nears, Investors Shrug off Threat - ABC News

Warren Buffett: U.S. shutdown will approach point of 'extreme idiocy ...

Warren Buffett predicts 11th hour debt deal - USA Today