Buffett said both Republicans and Democrats will have to make major concessions to deal with the nation's fiscal problems. Congress is trying to address the so-called "fiscal cliff" of automatic tax increases and spending cuts that could be triggered at the start of the new year.
"All of America is waiting for Congress to offer a realistic and concrete plan for getting back to this fiscally sound path," Buffett said. "Nothing less is acceptable."
Berkshire Hathaway owns more than 80 companies; including insurance, utility, railroad, furniture, jewelry, manufacturing, restaurant and apparel companies. Berkshire's insurance and utility businesses typically account for more than half of his company's net income.
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Berkshire Hathaway Inc.: www.berkshirehathaway.com