Why raise the debt limit? Let's eliminate our deficit and debt 'problems' instead. Consider the following:
Increasing the top ordinary income tax rate by only 3.5% to 39.5% on marginal income over 250K ( Obama's original proposal ) would generate about $70 billion a year; but letting it rise from there to 70% over 400K ( the pre-Reagan top marginal rate ) would generate about $700 billion a year. And applying this 70% marginal rate to any combination of all forms of income over 400K ( including stock grants, options, dividends and capital gains ) would generate hundreds of billions a year more. The result would be a budget surplus.
And since the richest 1% have accumulated a total net worth of about 20 trillion dollars ( most of it just wealth 'redistributed' upward since 1980 because Reagan's flatter, 'fairer' tax rates did not increase the inflation adjusted rate of GDP growth ), an effective ( loophole free ) top estate tax rate of 90% on marginal wealth over 50 million dollars ( the pre-Reagan rate was 77% over 10 million ) would generate enough revenue within a generation to eliminate our national debt.
And the families of the richest 1%, with 4 trillion left, would still be the richest 1%.