August 27, 2013 / 1:35 PM / 4 years ago

Pimco's El-Erian warns against risks of debt ceiling fight - Bloomberg TV

NEW YORK, Aug 27 (Reuters) - Mohamed El-Erian, chief executive of bond giant Pimco, said Tuesday that the economy cannot absorb uncertainties, including another “fight” on the debt limit.

“The economy cannot, cannot absorb a whole list of uncertainties, including another fight on the debt limit,” El-Erian, also co-chief investment officer of Pimco, told Bloomberg Television.

The U.S. Treasury Department has set a deadline for raising the debt ceiling, and said Congress needs to act by mid-October, or the country will face an unprecedented default.

Pimco, a unit of European financial services company Allianz SE, had $1.97 trillion in assets as of June 30, according to the firm’s website. The firm’s Pimco Total Return Fund is the world’s largest bond fund.

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