The petition respectfully requests that the President work with Congress as a matter of national priority to abolish the debt ceiling.
The debt ceiling doesn't do anything to determine the level of spending. It only allows the Treasury Department to pay for bills Congress has already racked up.
It threatens American credit-worthiness and, by extension, threatens to seriously undermine both the U.S. and world economies. Even the threat of default could easily have devastating consequences for our economy. (Estimates now place the cost of the recent shut down and threat of default at $24 billion in reduced GDP.)
Abolishing the debt ceiling resolves the absurd contradiction of Congress voting to approve a deficit budget but not voting to fund the deficit part of spending.