It's not purely a question of cooperation. The debt is real. How many times are they going to raise the debt ceiling and how high will inflation go if they keep doing that?
The "debt ceiling" and having to raise it separately from committing to spend money is basically a dumb accident that we can't get rid of because one side finds it politically useful to do this dance every time the other party's got the presidency, and the other side's terrified of the attack ads that would play if they proposed getting rid of it.
When my bills come due, I can't refuse to pay while I figure out how to reduce my spending/increase my income in the future. No matter how much I need to change that future spending, I still owe money today.
How is this different?
I haven't seen much correlation between the debt ceiling and inflation, so I would guess "not very high".
...until taxes are raised to an appropriate level to cover expenditures?