Fundsters pondering the fight and then compromise over raising the federal debt ceiling may want to check out Bill Gross' take on the matter. In his "investment outlook" piece for August, the Pimco [see profile] guru compared solving the long-term federal budget deficit and debt to Sisyphus forever pushing his fabled rock up that hill in the underworld.

Gross saw the U.S. stained with "a scarlet 'A' for budgetary 'Abuse,'" thanks to "a dysfunctional government taking its country to the financial precipice and backing off at the very last moment." He urged investors to shift equity and fixed income assets into developing countries. 

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