Mohamed El-Erian says the debt-cap deadlock threatens Americans' economic well-being and the US's international reputation
"It also risks undermining further the country's international reputation for sound economic management at a time when many are looking for the US to re-establish its constructive role on the global economic/financial stage," he added.
For months, lawmakers have been sparring over whether to raise the debt limit or not after the US hit its $31.4 trillion ceiling on January 19. The debate has elevated worries about the risk of a US default given the Treasury is set to run out of money by June 1, according to some estimates, if Congress don't act.
Treasury Secretary Janet Yellen has made multiple dire warnings if the US defaults on its debt – saying it could"break" financial markets and lead to an"economic and financial storm."
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