"I think stimulating it with borrowed money, probably -- and I don't like deficits either. I believe in balanced budgets and making a profit," he said.
"Do you see a way out of this?" Amanpour asked.
"Yes," Turner replied. "We're doing it right now. We're correcting things. We've already paid off $1 trillion of our debt in the last couple of years by not borrowing so much. We're cutting down on our borrowing and people are cutting down on their expenses," he said.
"But, you know," Turner explained, "prosperity will return. It always has and I think it will."
On another hot-button issue, the CNN founder rejected any plans to cut or "means-test" Social Security, which would give smaller payments to the wealthy. "I paid for Social Security. It's my own money I'm getting back," Turner said.
"Social Security, we get taxed for Social Security. That's like stealing our money for the government to cut back on Social Security, in my opinion. I think Social Security -- since you paid for it, it's yours and you're entitled to get it," he said.
Wall Street did a collective double-take when Buffett hired a little-known investor named Todd Combs in October to take over "a significant portion" of Berkshire Hathaway's investments. Combs, 39, is now considered a leading contender to take over managing much of Buffett's investments when the CEO retires.
Amanpour asked Buffett why he chose Combs.
"He's good," Buffett replied. "I mean, people thought, you know, maybe I should reach out for a big name, but I'd rather have a two-year-old Secretariat than a 10-year-old Seabiscuit. So I went with the Secretariat," he said, referring to the Triple Crown-winning horse.
And what about plans for the 80-year-old "Oracle of Omaha" to finally get out of the game -- does he have any plans to retire?
"No," Buffett said. "Not even after I die. I've got a Ouija board. The directors will keep in contact with me."