WHEN: THURSDAY, JULY 12TH

WHERE: CNBC’S “ SQUAWK BOX ”

Following are excerpts from the unofficial transcript of billionaire investor Warren Buffett and Alan Simpson & Erksine Bowles, Co-Chairs of the President's Deficit Commission, on CNBC’s “Squawk Box” today. All references must be sourced to CNBC.

The full transcript will be available on buffettwatch.cnbc.com. Video clips are available on CNBC.com.

BUFFETT ON THE GENERAL ECONOMY:

THE GENERAL ECONOMY OF THE UNITED STATES HAS BEEN MORE OR LESS FLAT SO THAT GROWTH HAS TEMPERED DOWN BUT THE RESIDENTIAL HOUSING WE ARE SEEING PICK UP IT IS NOTICEABLE, IT IS FROM A VERY LOW BASE AND IT DOESN'T AMOUNT TO A WHOLE LOT YET BUT ITS GETTING BETTER.

BUFFETT ON LIBOR 1:

IT'S A BIG DEAL I MEAN YOU HAVE GOT THE BASE RATE FOR THE WHOLE WORLD INCLUDING SOME LOANS WE HAVE IN THE PAST. THE IDEA THAT A BUNCH OF TRADERS CAN START EMAILING EACH OTHER OR PHONING EACH OTHER AND PLAY AROUND WITH THAT RATE IS AN IMPORTANT THING AND IT IS NOT GOOD FOR THE SYSTEM.

BUFFETT ON DIAMOND:

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