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 today. 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?”