There are actually 2 sides to this story.
1) If we don't raise the debt ceiling, then the US defaults on all it's debt, thus causing a financial panic that would be even worse than the Great Depression.
2) If we do raise the debt ceiling, then the US is only delaying the inevitable.
Fact is, there is no way in hell we are ever going to be able to pay back what we owe. So let's just default now. Yes, it will hurt like hell, but better to bite the bullet now, than put it off to a future date, when the result will be even worse.
And, when it comes time to pay the piper, whether now, or in the future, we had better damn well hope that we have learned our lesson, and finally begin to start living within our means. There are NO money trees. The money we are spending now has to come from someplace, and when we spend recklessly, that money comes directly from the asses that we are all putting on the line, and are soon going to be handed to us. When it all hits the fan, then let's make a point of never acting so fiscally irresponsible, ever again. After all, it's OUR asses.
My opinion? Time to bite the bullet, folks.