Yglesias would like to see it abolished:
With this whole terrible idea of using the debt ceiling as a policymaking opportunity behind us, can we just get rid of the darn thing? It serves no useful purpose beyond partisan needling. But it obviously doesn’t systematically advantage either Democrats or Republicans. In the long run, the needling all just evens out. What you’re left with is a negative-sum impact on the real world. So let’s scrap it.
Eric Posner points out that Congress is already on it:
Recently, several members of Congress, including Representative Mike Honda and Senators Barbara Boxer, Chuck Schumer, and Mazie Hirono, introduced legislation to do just that. The bills provide that when the national debt comes within $100 billion of the ceiling, the president may send a notification to Congress to that effect. Congress then would have a limited period of time during which it may issue a joint resolution that forbids borrowing above the debt ceiling. If Congress fails to pass such a resolution, or does but it is vetoed, Treasury may borrow beyond the debt ceiling. The bills make sense, and Congress should act on them as soon as possible.
The Dish 