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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.
Since 1940 the federal debt has only dropped year over year five times: 1947 (by 13.8 billion), 1948 (by 5.1 billion), 1951 (by 1.5 billion), 1956 (by 1.6 billion) and 1957 (by 0.4 billion). In the last 70 years weâve only reduced the federal debt 7% percent of the time. Itâs been more than 50 years since the last time the federal debt was reduced. The first three times the debt was paid down (1947, 1948 and 1951) Harry S. Truman was President. Perhaps he was serious about his The Buck Stops Here sign. The two most recent years the debt was reduced (1956 and 1957) were under President Dwight D. Eisenhower.