US economy 'out of emergency room'

NEW YORK: The United States economy is out of the emergency room and appears to be on a slow path to recovery, Warren Buffett (right) wrote in the New York Times.

The country will need to deal with the side effects of enormous dosages of "monetary medicine" that continue to be administered, said Buffett, who runs Berkshire Hathaway Inc.

The country's "net debt", which he described as the amount held publicly, is mushrooming, he wrote. In this fiscal year, it will increase more than one percentage point per month, climbing to about 56 percent of GDP from 41 percent, he added.