Between 1940 and 2010, Congress increased the debt limit more than 70 times. It is highly unlikely that they will not need more money.
Peter was in debt trap, he borrows from Paul who already was struggling to manage his debt. In order to pay Paul, Peter has to ensure that he spends on needs and not wants. Peter also has to work harder to raise his income level to make his payments on time to Paul without asking for time extension. Paul, who also is in debt now has less money to spend and is facing similar issues.