Warren Buffett warns of 'financial meltdown'

WASHINGTON (CNN) - Billionaire Warren Buffett warned congressmen negotiating over the White House's proposed $700 billion financial bailout plan that if no agreement is reached, the nation will face "its biggest financial meltdown in American history," two sources familiar with the talks told CNN.

Buffett, who is No 2 on Forbes magazine's most recent list of the world's richest Americans, was one of several business experts whose opinions were sought, Sen. Kent Conrad, D-N.D., told reporters Saturday. Buffet was consulted by telephone.

Buffett is chairman and CEO of Berkshire Hathaway Inc. His wealth is estimated at $50 billion.