Pimco's El-Erian was on CNBC discussing the debt ceiling. I love that they note that CNBC doesn't yet have the usual "ticking clock" countdown positioned at the bottom of their screen to create some drama about the looming deadline.
El-Erian thinks that in dealing with the debt ceiling we can again expect that the politicians are going to get noisy, and they will again reach a "kick the can down the road" deal.
He wants politicians to step back, realize that what they are trying to accomplish is economic growth and stop the petty squabbling.
Today he thinks that there is good news in that corporate balance sheets and the housing markets have healed. The bad news is how complicated politics globally are making economic prosperity.