Buffett: Global growth slowing but US 'inching ahead'

Investment veteran Warren Buffett expects US growth to continue "inching ahead" of its Western counterparts, despite the looming fiscal cliff putting the country at risk of slipping back into recession.

Buffett (pictured), speaking to CNBC yesterday, said he expects a debt reduction deal will be agreed to effectively shrink the US' ballooning deficit and safeguard economic growth. "It is certainly better in the US than it is in Europe. We are still inching ahead and I do not see any change in that as the US has the steadiest trajectory," he said. "There is a pretty fair chance we will go over the cliff for a short period of time. But a debt-reduction deal is going to get done." He added residential housing growth is picking up in the US, which will keep US GDP growth in positive ...