America has once again come to a deal on raising the borrowing ceiling from its present, scarcely credible, $16 trillion.
Nobody has come out of this well. Obama has looked as if he didn't understand the politics, and his refusal to back down has often looked mulishly stubborn. The Republicans have looked worse: they bleated and made proposals which were obviously not going to be acceptable and now they have lost.
The problem with leaving it until absolutely the last minute before cutting a deal is what you will do next time. Allow a default? Plunge the whole financial system into disarray?
America, and the rest of the world, deserves better than this, from both sides.