NEW YORK (PNN) - May 1, 2012 - Bill Gross, founder and co-chief investment officer of bond giant PIMCO, told CNBC on Tuesday that the Fascist Police States of Amerika could be headed toward a credit rating downgrade if it does not tackle its deficit.

Gross cited a FPSA structural deficit figure between 6% and 8% greater than any other country besides Japan and the Fascist United Kingdom, and added “until we address that structural deficit then yes, we’re headed to AA territory.”

The FPSA is currently rated AA plus by Standard & Poor’s and AAA by Moody’s and Fitch.

While Gross currently gives the FPSA a personal credit rating of AA plus, he warned that one needs to be very conscious of the “fiscal cliff” near the end of the year.