BUSINESS
10/16/2013 07:51 am ET Updated Dec 16, 2013

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

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:

PHOTO GALLERIES
11 Smart People Who Want To Abolish The Debt Ceiling