WASHINGTON -- Billionaire investor
Buffett called the fight "disturbing" in a
"The market is not going to fall apart because they expect Washington will only act irrationally for a certain length of time," said Buffett, chief executive of
But a solution appears a long way off with little time left.
Republicans are balking at raising the limit without significant deficit-reduction measures. Some conservatives also want to link a debt limit increase to a delay in President
"Republicans have no interest in defaulting on our debt -- none," House Speaker
But they want to find a way to reduce the national debt, he said.
Every major deficit-reduction plan over the last 30 years has been tied to a debt limit increase, Boehner said.
Obama has been adamant he will not negotiate with Republicans over a debt limit increase, saying
Lew warned this week of dire economic consequences of not raising the debt limit.
Congress routinely has raised the limit over the years, he said, and should do so again.
And although there were "a handful of times when a debt limit increase was embedded in Congressional legislation dealing with broader fiscal challenges ... the threat of default was not a bargaining chip in the negotiations," Lew said.
With both sides at odds, Buffett was asked about the effect of not raising the limit.
"That would be pretty damn dumb," he told CNBC.