The situation is thoroughly depressing. Washington seems to have finally gotten itself in the mood to cut deficits. Unfortunately, the cuts that result are likely to be unhelpful, or possibly counterproductive, as leaders slash useful programmes to the bone because they’re too scared to talk about reining in health care spending, or cutting wasteful defence programmes, or raising taxes.

It’s hard to imagine something worse than a bruising political battle that threatens to shut down the government or throw it into default. But a bruising political battle that threatens to shut down the government or throw it into default without doing a thing about the long-run budget problem would probably do it.