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Buffett, Simpson & Bowles on Debt Reduction

Thursday, 12 Jul 2012 | 8:14 AM ET

"Reform is the cop-out word," comments Warren Buffett, Berkshire Hathaway CEO, discussing solutions needed to reduce the nation's growing debt, with former Sen. Alan Simpson, (R-WY), and Erskine Bowles, former chief of staff to President Clinton. "We have to have about a $trillion of revenue," adds Bowles.