The chaotic process by which President Biden and Congress reached a deal to avoid a default on the federal debt could have long-running costs for the U.S. economy. And experts are worrying over the latest episode of fiscal brinkmanship, arguing that the disruption threatened by default was simply not worth the moderate reduction in the deficit.

“Because the consequences are so dire, this high-stakes game of debt-limit chicken always ends the same way: Congress raises the borrowing cap just before calamity strikes. The theater does little more than waste money and generate a lot of breathless commentary,” Leonard Burman, professor emeritus of public administration and international affairs, wrote in a 2021 analysis of debt ceiling standoffs.

Read more in The Hill article, “Debt ceiling brinkmanship was too dangerous, analysts warn.”