The "debt ceiling" has proven utterly ineffective in preventing the D.C. Den of Thieves from pilfering the Treasury.
The reason is because that by the time the so-called "ceiling" must be raised, the money it incorporates has already been spent.
Thus, any attempt to stop an increase in the debt ceiling is meaningless from a fiscal standpoint, and potentially catastrophic from a financial one.
Ultimately, the only way to stop the money merry-go-round is to legally constrain Federal spending so that the debt limit does not have to be raised in the future.
I know: good luck with that.