What's the big deal? So what if we run up debt so long as we can borrower the money needed to make the payments? There is no worry about not being able to pay the money back since all we have to do is borrower the money needed to make the required payments. We can go on forever like that, and in exchange for some meaningless number on a leger somewhere, we can all have the stuff we want for free.
Let's follow Obama's lead and eliminate the debt ceiling. Let's borrow enough money to indulge every American's wildest desires, and just pay the payments with more borrowed money. As long as we make our payments, our credit is fine. And since we will owe so much, no creditor will dare call our loan due for fear of our deciding to default.