BlackRock, Franklin Templeton and Loomis Sayles & Co have warned the country is at risk of being deprived of its AAA standing as the $14.3 trillion mark remains out of reach, Bloomberg reports.
The proposed reduction comes as president Barack Obama and house speaker John Boehner continue to struggle to find common ground on how best to lift the debt ceiling and restrict borrowing.
Bob Doll, chief equity strategist at BlackRock - which employs more than 9,300 professionals in offices located in 26 countries around the globe - said in an interview on Bloomberg Television's First Up: "When push comes to shove, the debt ceiling will be raised. "What goes along with that is very difficult to tell and thatâs why the threat of a downgrade still exists."
By Gary Cooper