June 6, 2012 | last updated June 8, 2012 8:35 am

Warren Buffett: U.S. recession is unlikely

Warren Buffett

Billionaire Warren Buffett says it's unlikely that the U.S. economy will fall into another recession, calling the chances "very low."

Buffett, the chairman and CEO of investment firm Berkshire Hathaway, acknowledged to economists gathered in Washington on Tuesday that there is a threat of spill over affect from the European debt crisis. And he said the Europeans need to get there act together.

When asked whether the euro would dissolve, Buffett said "that's the big question."

"We've got this system where they're half in and half out," said Buffett, one of the world's richest men and most generous philanthropists. "They have to reconcile these things."

Buffett has recently made headlines in for lending his name to the Buffett Rule, a tax hike aimed at millionaires and billionaires that has been proposed by President Obama.

Buffett joked that "I couldn't get a disease named after me, so I settled for a tax."

The president proposed the rule last year, as a guiding principle for tax reform, and he later touted it as a replacement for the Alternative Minimum Tax.

Buffett said in April he was being treated for prostate cancer, adding that the disease was at its least serious stage.

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