Warren Buffett, the billionaire chairman of Berkshire Hathaway Inc., said lawmakers may fail to resolve disputes over the U.S. budget before the so-called fiscal cliff imposes spending cuts and tax increases in January.

There’s a “pretty fair chance we go over for a short period of time,” Buffett, 82, told CNBC Wednesday.

Buffett says he expects the U.S. fiscal problems to be resolved no matter who wins the presidential election.

Editor's Note: The ‘Unthinkable’ Could Happen — Wall Street Journal. Prepare for Meltdown

Buffett said he thinks the solution is obvious to all the nation's leaders, but Washington, D.C., is on hold because of the election.

Buffett says it's clear the solution will involve a mix of tax increases and spending cuts.

Buffett expects U.S. businesses will improve in the next four years regardless of whether President Barack Obama or Republican nominee Mitt Romney wins.

Reaching a compromise “depends on which fellow is elected president, and it depends on the composition of the House, but it’s going to get done. How long do they want to be in the sandbox before they come up with an answer that’s obvious and they could come up with today?”

Editor's Note: The ‘Unthinkable’ Could Happen — Wall Street Journal. Prepare for Meltdown