I think the problem is even deeper. I believe that the entire financial system is based on borrowing, and is destined to fail. Watch this 9-minute video and tell me if you agree with the premise.
What Is A Bailout
I gave up when he started claiming bank notes were not legal tender.
A thought on the debt ceiling - the article you quote earlier mentioned that about a quarter of US government debt was owed to the federal government. So what happens if the governments writes off debts to itself?