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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.
That debt limit number â usually set at a high figure â would be set by Congress. Whenever the government is going to exceed the debt limit, Congress has to vote its approval to raise it. So looking at this in real money, the debt ceiling in 2011 is $14.294 trillion. The national debt is more than $14.5 trillion.