Though it's an unpleasant reality, allowing the United States to default its creditors is a non option. Many people would logically say borrowing more money to service already existing debt is a poor solution. Hopefully this can be offset with realistic reductions in sacred cow spending i.e. military and entitlement programs.
A ceiling on debt is in principle uneconomical and misguided. It's very existence is evidence of the Congress's tendency to push irrational policies in the pursuit of political legitimacy. The fact is, that our country could soon become a far meaner place to live unless these restrictions are lifted post haste.
I am no more a fan of our huge deficit here in the United States of America than anybody else, but I do believe that we need to extend our borrowing authority.
If we do not extend our borrowing authority, then we run the real and present risk of defaulting on our obligations. We not only run the risk of the world believing that our government is weak and unstable, we run the very real risk of millions of people in the most vulnerable sectors of our population, including senior citizens, suddenly going without the ability to pay their bills.
Borrowing more money only results in more debt. A debt collector would not let you borrow money from them to pay their debts back, why should the US government be the any different. It may be possible that instead of continuing to borrow and knowing that option is on the table that we may become more responsible in our spending and saving money.