That hasn't existed for years. The debt ceiling only exists in name. Nobody in Washington, and almost nobody in the country, wants to reduce government spending.
Frankly, I'm surprised it took Trump and Schumer this long to publicly ridicule the idea of fiscal responsibilty.
As the U.S. faces its inevitable decline as a world power, our ability to set artificially low interest rates for our own debt will disappear. At some point, nobody with an IQ over 40 is going to buy a U.S. Treasury note unless it pays an exorbitant interest rate.