Bloomberg -- Pimco's Bill Gross said the U.S. will avoid a “catastrophic” default on Treasury securities even if lawmakers fail to extend the debt limit on the nation’s debt.

“The U.S. Treasury is the center of the global financial complex,” Gross, manager of the world’s biggest bond fund, said during a Bloomberg Television interview with Trish Regan and Adam Johnson. A default would be “unimaginable,” as it would have “catastrophic” consequences on U.S. borrowing costs, and would trigger a “complex series of events worldwide” that would ripple through global financial markets.

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