Bowles: 'We Are Going Over the Fiscal Cliff' 8:03 AM ET Thu, 12 July 2012

"The problem is real," Bowles said. "The solutions are all painful. and there's no easy way out."

Bowles said he addressed American University graduates recently. "I said they ought to be mad at us, at our generation, for shirking our responsibilities and kicking the can down the road. We've got to face up to this. This is our generation's problem and we got to fix it," Bowles said.

Bowles was interviewed along with Simpson and Warren Buffett.

Simpson said he's been frustrated with their attempt to avoid the fiscal cliff, which the government faces at the end of the year when scheduled tax increases and spending cuts go into effect — at the risk of throwing the economy back into recession.

"Here in politics," he said, "You're entitled to be called fool, boob, idiot, screwball and all that, but never let them distort who you are. And when people try to nail me with being a bigot, or a guy that hates veterans and hates seniors and the cat food commission, that just steams me and I respond."

Said Buffett: "I think if you polled Fortune 500 CEOS, it would certainly be 80 percent (in favor of Simpson-Bowles). "I wouldn't be surprised if it's 90 percent, that would not only think it should be done. They think these fellows are heroes and so do I."

Bowles said the commission has the bipartisan support of 45 to 47 senators and about 150 House members, plus more than 100 Fortune 500 CEOs.