Raise the Debt Ceiling?

What happens if Congress blows the debt ceiling?

Excerpt:

It's a ridiculous position to put any treasury secretary in because the debt ceiling is not a cause of rising debt or a "license to spend more" -- as some incorrectly allege. It simply authorizes Treasury to pay the bills Congress chose to incur when it passed years worth of spending increases and tax cuts that are now law.

Comment: The problem is Congress .. (and the weak leadership (oxymoron!) of the President)