Last month saw the US economy held hostage by a government shutdown and the country’s debt ceiling. For the third time in as many years, the largest economy in the world faced the possibility of running out of money due to a political deadlock.

A default would be devastating, but the threat of reoccurring near-defaults causes different problems. The US is in danger of losing its reputation for being able to pay its bills on time, eroding investor confidence and raising uncomfortable questions about the underlying health of the economy.