Provided by Yahoo! Finance
Legendary investor Warren Buffett said the U.S. should do away with the debt ceiling, the issue that has recently roiled global equity markets as speculation has intensified that if Congress does not raise the debt ceiling, the “AAA” credit rating held by the U.S. for almost 90 years could be in danger. Buffett wasn’t the first to float the idea of nixing the debt ceiling. Moody’s Investors Service’s did the same in a report published on Monday.
Buffett’s Berkshire Hathaway is exposed to the U.S. economy through its equity investments, so it’s not surprising Buffett would like to see a practical, common-sense resolution to the debt ceiling issue. At the end of the first quarter, Berkshire held equity stakes in Dow components American Express (NYSE:AXP – News), General Electric (NYSE:GE – News), Kraft Foods (NYSE:KFT – News), Coca-Cola (NYSE:KO – News) and Johnson & Johnson (NYSE:JNJ – News) among others.
Full article @: http://finance.yahoo.com/news/Buffett-Ready-To-Bid-Debt-indie-60127339.html?x=0