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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.
What is a 'Debt Ceiling'. The maximum amount of monies the United States can borrow. The debt ceiling was created under the Second Liberty Bond Act of 1917, putting a ceiling on the amount of bonds the United States can issue. As of the end of July, 2011 the debt ceiling was set at $14.3 trillion. 2011 U.S. Debt Ceiling Crisis.