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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.
Media caption The debt ceiling explained in 90 seconds. The debt ceiling is a cap on the total amount the US government can borrow, set by US lawmakers. The current debt limit of $16.699 trillion was reached in May. Since then the US Treasury has been using what are called extraordinary measures to keep paying the bills.