St. Louis Fed, Report: What Does History Reveal about Reducing the National Debt Burden? 

“The U.S. has once again reached its debt ceiling in the first month of 2023, a limit that Congress last set at $31.4 trillion in 2021. If no action is taken, the Congressional Budget Office estimates that the U.S. could potentially face yet another debt-ceiling crisis sometime between July 1 and Sept. 30. The current debate surrounding the national debt limit is not a new one. In fact, the U.S. Treasury notes that since 1960, Congress has acted 78 times to deal with the debt limit.”