Eliminating the debt ceiling is a very bad idea. Every time we approach it, the public is alerted of the size of government. Most won’t pay attention and many who do simply won’t care, but it’s something. Moreover, it can be used as leverage to push forward other pieces of legislation. While we’re not in favor of a system that works like this, having the debt ceiling as a tool is better than not until we’re able to fix the system entirely.
The funny part is this was actually inadvertently predicted by the Federalist Party. They were being sarcastic when they Tweeted this:
What's the purpose of a debt ceiling that always gets raised? If Dems/Reps refuse to reduce debt, they might as well set the "ceiling" at ∞.
— Federalist Party (@Federalists_USA) September 6, 2017
The next day, it became a thing. According to Chicago Tribune:
The U.S. government spends more money than it brings in through taxes and fees, and it covers that gap by issuing debt to borrow money. The government can only borrow money up to a certain limit, known as the debt limit or the debt ceiling. The government routinely bumps up against this ceiling, requiring Congress to raise it again and again. These votes are often politicized and can cause panic among investors.
If the debt ceiling is to be abolished, the last barrier (albeit a thin one) to perpetual government expansion and DC fiscal overreach will have been eliminated.