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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.
Nearly all of it is subject to the statutory debt ceiling, which is currently set at a hair under $16.7 trillion; as a result, at the end of September there was just $25 million in unused debt capacity remaining. The debt is about equal to gross domestic product (GDP), which was $16.661 trillion in the second quarter.