Buffett: So-called fiscal cliff won't trigger recession

Berkshire Hathaway Inc. Chairman and CEO Warren Buffett (L) greets traders on the floor of the New York Stock Exchange after ringing the opening bell on September 30, 2011 in New York City. Mario Tama/Getty Images

OMAHA, Neb. Investor Warren Buffett says there won't be a recession if Congress can't resolve the so-called fiscal cliff before the automatic tax increases and spending cuts take effect in January.

Buffett told CNN on Wednesday that the U.S. economy is very resilient, and it won't collapse if lawmakers and President Barack Obama can't immediately agree on a plan.

The billionaire's view differs with economists who have predicted a recession is likely if the fiscal cliff isn't addressed.

Buffett told CNN "We are not going to permanently cripple ourselves just because 535 people can't get along."

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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