Up against a ceiling

While it's obvious the debt ceiling must be lifted, I can't help but stop in awe at the succinct wisdom of our first president:

To contract new debts is not the way to pay old ones.

GEORGE WASHINGTON, letter to James Welch, Apr. 7, 1799

Allowing Congress to continuously raise the debt ceiling is like allowing a college kid to set his own credit limit.

But what is the alternative?