PIMCO chief: Deal won't prevent downgrading of US AAA credit rating

The Hill reports:

The U.S. is headed for a downgrade in its credit rating regardless of whether a deal is reached this weekend, according to PIMCO founder and managing director Bill Gross.

When asked by CNN host Ali Velshi on Sunday whether the U.S. deserved to maintain its AAA credit rating Gross said a downgrade from one of the major credit rating agencies is inevitable.