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March 24 (Bloomberg) -- Bill Gross, manager of the world’s biggest mutual fund at Pacific Investment Management Co., said that health care reform will add to, rather than subtract from, U.S. deficits and unfunded liabilities.
“Long-term bond holders beware,” Gross wrote in a monthly investment outlook posted on Newport Beach, California-based Pimco’s Web site today. “No investment vigilante worth their salt or outrageous annual bonus would dare argue that current legislation is a deficit reducer. It will add $562 billion to the deficit over the next decade.”
President Barack Obama signed into law yesterday a $940 billion rewrite of U.S. health-care policy that the Congressional Budget Office said would cut the federal deficit. The measure will cut the deficit by $138 billion in the first decade and reduce the shortfall further in the next 10 years, the nonpartisan budget office said in a report last week.