Warren Buffett calls his bet on railroad Burlington Northern Santa Fe “an all-in wager on the economic future of the United States.”

The deal, Buffett’s biggest-ever acquisition, is priced at a premium of 31.5 percent over BNSF’s closing stock price on Monday and values the railroad at $34 billion.

What has been the reaction on the Web? To start, Twitter is rife with Buffett back-slapping and sounds of trains chugging along to profit. “Rumor has it he’s going to set it up in his basement so he can play “choo choo” with the grandkids,” tweets Kathy_L.

Looking beyond Buffet high-fives, Joe Weisenthal at the The Business Insider sees Buffett’s move as a bet on continued U.S. infrastructure spending.  “Buffett — who has the ear of the President — is guessing, safely, that we haven’t seen the end of that (infrastructure stimulus) dream, that Obama will open up the government’s coffers for a major upgrade of the rail system,” he writes.

Is Burlington Northern a proxy for the U.S. economy? asks the WSJ’s Deal Journal. The deal certainly is big, as is the scale of the company.

Burlington Northern could also be a bet on rising fuel costs coupled with Chinese demand for U.S. coal, writes Frank Ahrens, at The Washington Post. Ahrens also points out the interesting theory that Buffett invests like an 8-year-old child. He owns candy, ice cream, pop and chewing gum businesses. “Buffett likes to own simple companies that he understands. Today, he completed his train set,” writes Ahrens.

But danieldone’s tweet seems to sum up the mood of the day: “Buffett is my hero.”

What’s your take on Buffett’s biggest-ever acquisition?