The idea that Congress could fail to raise the $16.7 trillion U.S. borrowing limit is a "political weapon of mass destruction," Buffett told cable television network CNBC.
Buffett also said that his firm's spending rate this year, particularly in reference to acquisitions, is as "high as ever," and that his firm missed an "elephant" acquisition recently that would have exceeded $12 billion.
Buffett said Berkshire Hathaway owns short-term Treasury bills and is "not worried" about the bills being paid, despite concerns about the U.S. debt ceiling.
U.S. Treasury Secretary Jack Lew has said the United States will exhaust its borrowing authority no later than October 17.
(Reporting by Sam Forgione Editing by W Simon)