Instead of defusing the time bomb of a historic debt default, the United States has come up with a last-gasp deal to only fund its government until Jan 15 and raise the debt ceiling until Feb 7.

This might be the best what US politicians could provide at the moment. But it is certainly not what is aspired for by millions of Americans who have suffered because of the political debacle and many foreign debt-holders who are worried about the safety of their US investment.

US President Barack Obama was right to say that US leaders needed to "earn back" the trust of the American people in the aftermath of the crisis. Yet no less urgent is the task of the world's largest economy to restore its reputation as an economic safe haven.