The arguments in favor of raising the debt ceiling are numerous. Examples include the need to borrow to keep up with current expenses. A financial confrontation and meltdown could lead to chaos in the financial markets and derail the fragile recovery from blossoming into a full scale uptick in the world economy. The population has grown from 300 million to 315 million. A growing population will mean greater needs for infrastructure and public spending. Taxes were raised in the early 1990s despite the fact that the recession then was shallower and Operation Desert Storm was nowhere near the size of the Iraq War or the conflict in Afghanistan.
The arguments against raising the debt ceiling are to enforce spending discipline. The control over spending was basically lost soon after the commencement of the dual wars in Iraq and Afghanistan, as well as the Great Recession. The enforcement of spending discipline is essentially to remove ourselves from these conflicts so that the military budget can normalize over time. A growing economy will also reduce deficits as wage earners pay more taxes into the Treasury, instead of drawing unemployment and social safety net costs from the government.
The United States economy, as well as the other advanced economies and Europe are on an upward trajectory, with the US and China leading the way. Increased revenues, coupled with spending restraint should lead to a reduction of the debt as a percentage of GDP, as was the case at the close of the Clinton administration. The Obama administration and congress have raised taxes. This act, coupled with spending restraint, should make the deficits a smaller factor in the overall budget equation over time.