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Since March 1962, the debt ceiling has been raised 74 times, according to the Congressional Research Service. Ten of those times have occurred since 2001. Expect more of the same over the next decade.
But the Louisiana Purchase and the War of 1812 combined to increase the federal debt once again. Public debt soared from $45.2 million on January 1, 1812, to $119.2 million in 1815.o make certain the debt did not grow out of control, lawmakers included a limit on how much the government could borrow. That limit would be raised a few years later, again during a war, when Congress voted to allow the debt to reach some $300 billion at the height of World War II.