Warren Buffett rules out recession if Congress can't deal with fiscal cliff
American business magnate Warren Buffett has said 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 said 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 is not addressed, CBS News reports.
"We are not going to permanently cripple ourselves just because 535 people can't get along," Buffett said.
Buffett also said that he believed that the economy would be fine even if income and capital gains taxes were significantly higher than they are now, the report added.