Obama: Buffett Says Default Akin to Nuclear Bomb

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Oct 8 (Bloomberg) -- President Barack Obama addresses the nation about the U.S. government shutdown and possible default. (Source: Bloomberg)

The last time that the tea party republicans flirted with the idea of default two years ago, markets plunged, business and consumer confidence plunged, america's credit rating was downgraded for the first time, and a decision to actually go through with it to actually permit default according to many ceos would be "insane, catastrophic, chaos" these are some of the more polite words.

Worn buffet likened it to "a bomb>" it would undermine america's the better of the global economy and that might permanently increase our borrowing costs.

Ironically it would mean it would be more expensive for us to service what do we do have and it would add to her deficit inand debt.

Preventing this should be simple.

Raising the debt ceiling is a

This text has been automatically generated. It may not be 100% accurate.

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