The hostage takers will fail
There is a much better solution to this stupid provision in the law: The Gephart rule. That automatically raised or lowered the debt ceiling whenever congress passed new spending or spending cut laws respectively. This is the way all other legislative branches in the world work. But then, if we passed something like that the House GOP wouldn't be able to threaten the cratering of the entire world economy if they don't get what they want in a budget negotiation.
Fortunately, it appears the GOP is already getting weak kneed about another debt ceiling fight.