Gross: US has failed to make a dent in the deficit

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Bill Gross, managing director of he world's largest bond fund, California-based investment management firm Pimco, has slammed US policymakers for their failure to make a significant dent in the country's $1.5 trillion deficit, despite reaching an accord on the debt ceiling.

Gross said although the US managed to avert a default disaster, the country's reputation has been "stained by the government's budgetary abuse".

"The whole world was watching, and what they saw was a dysfunctional government

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