That’s the subject of my Bloomberg column from yesterday.
Ideally, Republicans and Democrats would agree to couple the increase in the debt ceiling with measures to address the underlying problem that keeps leading to increases: the mismatch between our spending commitments and revenue. The debt limit provides the only occasion on which Congress and the president have to take responsibility for the amount of debt their fiscal policies generate.
The column goes on to admit that this scenario does not look at all likely, and outlines a less ambitious option.
Update: I see now that the editors of the WSJ are thinking along similar lines about a debt-limit deal, but they have higher hopes than I do.