Buffett spotlights nation’s debt crisis

The catastrophe looming in the documentary “I.O.U.S.A.” isn’t romantic like the doomed young love in “Titanic,” but billionaires Warren Buffett and Pete Peterson warn it could break many more hearts.

The disaster they warn of could be bigger than any we’ve ever seen - bigger than an iceberg, bigger even than the current mortgage crisis.

If the U.S. doesn’t do something, and fast, to tame the federal government’s debts - now more than $50 trillion - the two Nebraska natives warn we will saddle coming generations with economic problems that will make this year’s financial turbulence look like a trip to the debt counselor’s office.

Premiering Thursday at 358 theaters nationwide, “I.O.U.S.A.” is part of Peterson’s campaign to give the ballooning debt a central role in the presidential campaign

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http://money.cnn.com/2008/08/21/news/economy/buffett_town_hall.ap/index.htm?section=money_latest