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.
Sorry about that ... it's supposed to be "fiscal IRRESPONSIBILITY."
This elimination of the ceiling may signal the markets to demand for higher interest rates on US debt.