Buffett, others say high U.S. debt levels pose risks

"What we have to do is to recognize and reward elected officials -- Democrats, Republicans, independents, whatever -- who tell the truth and who stand up and try to help make tough choices sooner rather than later to make sure that America's future is better than its past, and reject the B.S. and the nothing types of solutions and platitudes that we hear from so many politicians today," he said.

Peterson added that the United States should consider the "provocative" notion of mandatory savings for individuals, as have some other countries, saying the nation had become "so consumption-obsessed and so borrowing-obsessed."

The 82-year-old Peterson is also a former chief executive of Lehman Brothers and former U.S. secretary of commerce under President Richard Nixon.

(Editing by Kim Coghill)