The deal to raise America’s debt ceiling is finally done. The government will now be able to resume borrowing money to pay its bills, and avoid a default. The last-minute agreement will suspend the debt ceiling and flatten some categories of spending for two years, until after the next election. Why does America has this pointless, exhausting ritual? And how can Congress get rid of it? The Economist’s Simon Rabinovitch assesses the impact of the agreement. We go back to a previous wrangling over the debt ceiling. And The Economist’s James Bennet surmises the political implications of the deal.  John Prideaux hosts with Charlotte Howard and Idrees Kahloon.  You can now find every episode of Checks and Balance in one place and sign up to our weekly newsletter. For a 30-day digital subscription go to economist.com/podcastoffer Hosted on Acast. See acast.com/privacy for more information.