This would be equivalent to just eliminating the debt ceiling, and that (either directly or in the effectively-equivaent form you have suggested) is the obviously the correct thing to do. However, it reduces the number of opportunities for hostage taking brinksmanship by a party that lacks a trifecta but controls at least one house of Congress, so it is difficult to pass while there is a party that (1) is currently in that state, or (2) sees itself as likely to be in that state and wanting to preserve the possibility of using that tactic in the near future.
https://en.m.wikipedia.org/wiki/Jude_Wanniski#:~:text=The%20...
Basically looks like another exercise of legislating for the hell of it, rather than making lives better for Americans.
Correction: legislating for the rich
Laws that favor very wealthy people pass through congress like a faint breeze on a daily basis (when congress is in session).
+ Legislating for the elderly.
The federal debt may be ~$30 trillion but the funding shortfall for Medicare and SS is ~$100 trillion. Something needs to change.
Average people don't matter in America.