UPDATE 1-Warren Buffett says taxes may rise to offset widening US deficits

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Warren Buffett said he expects the U.S. government to increase taxes to tackle widening fiscal deficits rather than reduce spending. "I think higher taxes are likely," he said on Saturday at Berkshire Hathaway's annual shareholder meeting in Omaha. The Congressional Budget Office has estimated in its latest long-term budget projections federal deficits will rise to 8.5% of gross domestic product in fiscal 2054 from 5.5% in fiscal 2024.