As this article notes, it has done nothing to prevent the increase in government debt. All the debt ceiling’s presence has done is to bring about uncertainty when it comes to the question of whether to raise the debt ceiling. That uncertainty has been sufficient to bring about threats that the credit rating of the United States may be downgraded, which would be devastating. But the presence of the debt ceiling has accomplished little else. It certainly hasn’t accomplished anything positive.
So, why not simply get rid of it? What is the use of having a debt ceiling anymore?