Investor Warren Buffett says there won't be a recession if Congress and the Obama administration can't resolve the so-called "fiscal cliff" before the automatic tax increases and spending cuts take effect Jan. 1.
Buffett told CNN on Wednesday that the U.S. economy is resilient, and it won't collapse if lawmakers and President Barack Obama can't immediately agree on a plan.
"We are not going to permanently cripple ourselves just because 535 people can't get along," said the leader of Berkshire Hathaway Inc., an Omaha, Neb.-based investment firm that owns more than 80 companies, including insurance, utility, railroad, furniture, jewelry, manufacturing, restaurant and apparel companies.
The billionaire's view differs with economists who have predicted a recession is likely if the fiscal cliff isn't addressed.
Buffett also says he believes the economy would be fine even if income and capital gains taxes were significantly higher than they are now.
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