We should abolish the debt ceiling because it does nothing to restrain spending or reduce deficits. It creates a situation where the President may be called upon to either violate the debt ceiling law or default on obligations already assumed by they country, resulting in damage to our economic standing and creating even greater deficits because of the effect it would have on the interest our creditors will accept. And that assumes that our creditors will continue to roll over our bonds and not call the debts we owe them.

The debt ceiling is (a) idiotic and (b) here to stay.