On the one hand, we consider the debt ceiling business embarrassing. By definition, Borrowing=Revenues-Expenditures. Congress chooses the two elements of righthand side, leaving the left side as a given. But New Debt = Old Debt + Borrowing. By setting a ceiling on New Debt (Old Debt is obviously predetermined), it sets a ceiling on Borrowing, and tries to (independently) choose or restrict all three elements. Ludicrous.
However, as a political stunt or a politically focusing moment (taking a week or a month to talk about debt) is perhaps not unreasonable. (What would be unreasonable would be to question whether or not the United States should pay its debts).