While he believes a debt deal will get done and in fact favors a plan closer to what the Democrats are proposing, Langone told CNBC that Obama's behavior has been "unpresidential."

"He is dividing us as a nation," Langone said. "He's not bringing us together. He's willfully dividing us. He's petulant."

The co-founder of Home Depot sharply criticized the president for promoting class warfare through his repeated attacks against "fat cat" business executives and his targeting of tax loopholes.

In sum, the behavior is symptomatic of Obama's disrespect for the office he holds, Langone said.

"Ronald Reagan would never go into the Oval Office without his jacket on—that's how much he revered the presidency," he said. "This guy worked like hell to be president...Behave like a president. Let me look at you as a model to how we should behave. What does he say? Fat cats, jet airplanes. What is the purpose? Us versus them.

"The thing I fear the most about the future of America is...divide us, we all lose. This has got to stop."

Langone said people with his wealth should pay more taxes, but the debate shouldn't be framed as rich against poor.

"He is not acting presidential. He is behaving in a way designed in my opinion to divide us, to make us look at each other with skepticism, with suspicion. That is the end of America as we know it," he said. "The destruction he is inflicting by his behavior will carry on long after we settle the debt limit."