It may lack the drama of last year’s shenanigans over America’s sovereign debt ceiling. But uncertainty over whether Congress will next month renew authorisation for America’s Export-Import Bank reminds us that games of chicken are still popular on Capitol Hill.

At stake is America’s response to the explosion of export credit by the big emerging economies, which is altering the global competitive playing field. Last year China, India and Brazil provided $72bn in medium and long-term credit financing to their exporters – more than five times what the US mustered. Germany was almost double.

Yet some Tea Party Republicans now threaten to withhold Exim’s four-year reauthorisation altogether. The bank, which operates without direct taxpayer support, also wants to raise its credit ceiling from $100bn to $140bn – again, a modest target relative to the US competitors. That, too, is in doubt.