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* Story Highlights
* "I.O.U.S.A." shows how U.S. has been weakened by tremendous debt
* Primary figures behind film: financier Warren Buffett, former official Pete Peterson
* Movie premieres Thursday evening with live panel discussion following
OMAHA, Nebraska (AP) -- 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.
The film entitled I.O.U.S.A which is being released today.
Here is a very good interview with David Walker, now a private citizen, making the media rounds for the film on Good Morning America, August 21, 2008.
Here's one for good measure -link.