Bowles and Simpson Join Warren Buffett on "Squawk Box" to Discuss Debt
Bowles and Simpson Join Warren Buffett on Squawk Box to Discuss Debt
Former Fiscal Commission Co-Chairs Stress Urgency of Action,
Announce Creation of Campaign to Fix the Debt
During an appearance on CNBC’s "Squawk Box" with Berkshire Hathaway Chairman and CEO Warren Buffett, Fiscal Commission and Moment of Truth Project co-chairs Erskine Bowles and Senator Alan Simpson announced the formation of The Campaign to Fix the Debt and encouraged business leaders and concerned citizens to go to www.fixthedebtcampaign.org to get involved.
In the hour long discussion with Squawk Box co-anchor Becky Quick, Bowles stressed the urgency of action, warning that "if we don't get these politicians to come together we face the most predictable economic crisis in history. I think it's absolutely clear that the fiscal path we are on is not sustainable, and for me, the best analogy is these deficits are like a cancer, and over time they will destroy the country from within."
Simpson emphasized the impact that failure to address the debt before it reaches the crisis point will have on ordinary Americans. "When the tipping point comes and the guys who gave us money want more money for their … interest, guess who will be hurt the worst? The little guy that everybody talks about day and night," Simpson said.
In the twenty months since The Moment of Truth Report outlining recommendations to bring the debt under control was released, Simpson and Bowles have travelled across the country talking about the need for action and their proposed solution. They have received an overwhelmingly positive response from citizens who support a comprehensive, bipartisan solution to the debt challenge based on the principles and framework in the Simpson-Bowles plan. The Campaign to Fix the Debt will provide a platform for those citizens to make their voices heard.
Click here to view the full "Squawk Box" discussion.
Click here to view excerpts of the "Squawk Box" discussion
Watch the Full Interview using the links below:
"These deficits are like a cancer. Over time, they will destroy the country from within"