Last week’s fiscal crossfire by Democratic and Republican lawmakers was a reminder of what many had put at the back of their minds; that the deal to avert US sovereign debt default last July was not a real deal. It merely kicked the can down the road.

The next stretch of road ends on 23 November - just over three weeks away - when the so-called “super-committee” of twelve lawmakers publishes the deficit plan set out under the terms of the deal in July. It is meant to come up with a modest $1,200bn in savings over the next decade.

It is easy to see what is needed: A short-term stimulus combined with a medium-term plan to tighten the budget when the economy gets going again. Alas, Washington is in no better shape than it was during the debt crisis. Republicans remain just as opposed to any kind of tax increase. And Democrats, who last week proposed to shrink the deficit by a much larger $3,000bn, will reject any plan consisting only of spending cuts.