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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.
Funding father: President George Washington issued the U.S. government's first bond in 1790. The federal debt ceiling is $14.294 trillion, set to be reached by Aug. 2 if Congress and the president don't reach a deal to extend it. As of the most recent accounting, however, the United States has $14.343 trillion in debt â $48.9 billion more than the debt limit. That's because Congress, over the years, has exempted certain kinds of debt from the ceiling. One such category: old debt.