Investors should be focused on U.S. debt -advisor

STORY: Phillips said he favors short-term bonds at the moment, but worries how the government is going to cover its costs in the future.

“If we have a deficit like this when the economy is on relatively good footing, then what does that mean for when we eventually fall on tougher times?” he wondered, adding that “we could, down the road, see another debt rating downgrade for the U.S. government because of this.”