If the provision is stripped out, there is no reason to increase the debt ceiling right now.
Otherwise the Treasury Secretary would just use "extraordinary measures" to keep borrowing money for the next 6 months (like he has for the last 6 months).
The U.S. Federal government was up against the debt ceiling in May. If the Senate votes this down, it is very obvious they don't have the best interests of the American people in mind (as if that wasn't obvious already).
1. The Treasury Secretary was never meant to have that much control
2. Entitlement reforms ARE necessary immediately, whether you like it or not.