"We raised the debt ceiling seven times during the Bush Administration," Buffett told CNBC on Thursday. Now, the Republican-controlled Congress is "trying to use the incentive now that we're going to blow your brains out, America, in terms of your debt worthiness over time."
If Congress fails to raise the borrowing limit of the federal government by August 2, the date when the U.S. will reach the limit of its borrowing abilities, it will likely begin defaulting on its loans.
Buffett, who according to the Washington Post has helped raise money for Democratic candidates like Hillary Clinton in the past, has been highly critical of the actions of the Republican-controlled Congress. In May, Buffett stated at a Berkshire Hathaway shareholder's meeting that if the Congress failed to raise the debt ceiling, it would constitute "the most asinine act" in the nation's history, reports Reuters.