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NEW VIDEO: Warren Buffett Tells CNBC No Need for More Rate Cuts

In a live interview at 8a ET this morning on CNBC, Warren Buffett tells Becky Quick there's "not much need for more rate cuts."

He thinks the Federal Reserve should "quit now" on its series of interest rate reductions.

He is also critical of the Bush Administration's economic stimulus plan, saying "you can drop a lot of money on people" to help the economy in the short-term, but there will be economic consequences down the line. His advice to those getting checks: use the money to pay down credit card debts if you're paying a big interest rate.

Buffett says he would consider supporting John McCain for President over his current favorites, Hillary Clinton and Barack Obama, if McCain supported his call for higher taxes on the "super-rich."

Becky, on behalf of Joe Kernen, also asked about a Barron's cover story over the weekend that identified David Sokol, chairman of MidAmerican Energy, as the man most likely to succeed Buffett as Berkshire's CEO. Buffett says Barron's has no knowledge about the situation, but seems to enjoy speculating about it.

Buffett, speaking with Becky streetside in Ohama, tells her the highlight of the weekend's meeting was having 31,000 shareholders attend. His voice is a bit hoarse, which he says is due to all the talking he did during the meeting, including a lengthy Q&A with shareholders and a news conference.

On Microsoft's decision to drop its bid for Yahoo, Buffett says that in general you do need to have a limit and be willing to walk away if the price isn't what you want it to be. He notes that he's walked away from deals, and he means it mean he walks away. Sometimes, however, as with See's Candies, the seller comes back and a deal is made.

Current Berkshire price:

CNBC's one-hour behind-the-scenes look at the annual shareholders meeting, The Billionaire Next Door: All Access, premieres tonight, Monday, May 5 at 9pm ET.

Questions? Comments? Email me at buffettwatch@cnbc.com