Pimco chief executive office Mohamed El-Erian said in an interview on CNBC Friday that structurally everything must be done to spur the U.S. economy to prevent it from hitting "stall speed" in growth. He said we need "enough growth to safely delever our debt" -- more than 1% or 2% -- otherwise the country faces the "terrifying" prospect of recession with the "unemployment rate already too high, with fiscal deficit already at 9% of GDP, with interest rates already at zero-percent, and when over a quarter of homeowners are already under water."

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