President Barack Obama's roadmap to reduce the deficit and invest in the future is "generational theft of an enormous magnitude," Langone said in a "Squawk Box" interview.
"The fundamentals haven't changed ... And we don't know when the storm is going to hit," he predicted. "It has to happen. If you look at our debt to GDP, eventually you reach a point where there's no turning back."
He used an analogy to make his point. "If you had one meal left, and you had your grandchild with you, would you eat if or give it to your grandchild?"
He said all people would say "give it to my grandchild."
But pursuing the president's vision, he argued, "[Is] eating the grandchildren's breakfast, lunch and dinner right now. And the [grandchildren] haven't been born yet."