The moment has not yet arrived to take Washington off the suicide watch list. But almost a fortnight into the government shutdown, it is encouraging that Republicans are starting to talk themselves down from the ledge. The party’s approval rating fell to 24 per cent this week – its lowest level in 70 years of Gallup polling.

Should Republican leaders allow their colleagues to risk a US sovereign default, they would be courting annihilation. By offering to extend the US debt ceiling until November 22nd, John Boehner, the Republican speaker, is dangling a reprieve. It is certainly a step back from the brink. But it does not go nearly far enough.

As underlined by the rally since Mr Boehner’s change of tone on Thursday, the markets’ overriding concern is over the threat to the full faith and credit of the United States. The US government could stay shuttered for another two weeks without causing much of a ripple. But any hint that its debt ceiling could be up for negotiation rightly causes anxiety.