Debt ceiling fight 'damn dumb,' says Warren Buffett

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If Republicans and President Barack Obama were to fail to reach an agreement to raise the nation's borrowing authority, that would be "pretty damn dumb," said billionaire investor Warren Buffett in a taped interview that aired on CNBC Friday.

In addition to the upcoming October or early November deadline on the debt ceiling, the prospects of a government shutdown next month also loom.

But Buffett, while critical of this type of partisan bickering, told "Squawk Box, "the market is not gonna fall apart, because [investors] expect Washington will only act irrationally for a certain length of time."