Pimco Co-CIO Bill Gross says any relief the markets feel will also be short-lived because the U.S. is headed for a credit downgrade regardless of any debt deal struck in Washington.

"Eventually there's a downgrade coming, it just depends on Moody's, S&P and Fitch and they're very slow-moving," Gross told CNN.

"This country has $10-12 trillion worth of outstanding debt. In addition however we've got about $60 trillion worth of liabilities.”

Bill Gross (Pimco photo)

"I call this Debt Man Walking."

Gross says the total liabilities for Medicare, Medicaid and Social Security put the U.S. among the most debt-laden countries in the world, and that the debt crisis has had negative implications for economic growth, interest rates, financial markets and the dollar.

Bill Nuti, chairman and CEO of NCR Corp., a maker of automated-teller machines, warns that a downgrade to the U.S. credit rating will have widespread deleterious effects.

"Our economy will transition from a slow-growth scenario to a no-growth scenario, and we could likely find ourselves in a double-dip recession," Nuti told The Wall Street journal.

“The very fact that we have been engrossed in dealing with our debt ceiling issues has taken our focus away from the task at hand — growing our economy and job creation.''