Since the budgetary processes that have been in place since 1974 serve the same purposes as those originally envisioned by the legislators who wrote the 2nd Liberty Bond law in 1917 and also those of the members of Congress who modified it in 1939 to cover all general debt of the United States government the law should be eliminated or superseded by new legislation that would provide long term stability to purchasers of debt of the United States government.
The law currently seems suitable only as a political Sword of Damocles that both political parties have used with varying degrees of responsibility. Since that level of responsibility has noticeably decreased in recent history no political party should have this "weapon" available any longer so it should be removed.