Berkshire Hathaway CEO Warren Buffett told ABC News on Sunday that it pains him to watch the dysfunction and discord that has become a trademark of the country's legislative process.

"It's tough to watch what happens in Washington," Buffett said. "It's gotten more and more partisan. But now so many elections are determined by the primaries, and not the November elections, that it does tend to push both sides to the extreme."

The 82-year-old billionaire this weekend hosted the annual conference for his multinational conglomerate in his hometown of Omaha, Neb., and said he was generally encouraged by the economic recovery and America's financial future. But he also said lawmakers in Washington needed to rally around "more logical" approaches to the nation's challenges — including the upcoming immigration reform fight."

"We've been bouncing this one around for a considerable period of time," Buffett said, adding that he believed the United States should offer foreign graduates of American universities the chance to stay in the country.

"We would attract a lot of people, but we would attract the people we want to attract in particular," Buffett said. "In terms of educating tens of thousands or hundreds of thousand of people, we enhance their talents and then to not have them stick around here, I think that should change."