The Economist has a leader — British for editorial — recommending that Congress scrap the law imposing a limit on the amount of federal debt.
A different view of the debt limit issue (and in my view, a more clever one) comes from Keith Hennessey, who outlines a strategy that Republicans could use to exert leverage on President Obama to restrain spending. It involves how long the debt ceiling will be extended, and which party in the House provides the bulk of the votes.
The comments on Keith Hennessey's article also point to an article by Anita Krishnakumar from the Harvard Journal on Legislation. According to the abstract, the article says the law "in fact serves two important roles: first, the statute is the last remnant of congressional control and accountability over the national debt; second, it acts as an important institutional check on party and interest group politics."