No it should not. I’ve seen the predictions of what would happen if it is not raised. The government would be legally REQUIRED to live within it’s means.
WHEN DID THAT BECOME A BAD THING?
I think the dollar would strengthen and our creditors would be happy if instead of voting to increase the debt limit, they would vote to decrease the debt limit by $100B a year for the next ten years. That would increase demand for treasuries and bolster their prices, naturally bringing down interest rates, and spur private capitalism to fill any debt liquidity vacuum. A stronger dollar would benefit the savers and retirees, lessening their reliance on social security.