A statutory limit on the amount of federal debt outstanding has been in place since 1917, when Congress enacted the Second Liberty Bond Act. The current limit is $14.294 trillion. Since 1940, the debt ceiling has been increased on 80 separate occasions.Current levels are now north of $14 trillion, bringing increase #81 shortly.
What worries me is our ability / desire to get our act together. As can be seen above, the amount of debt is not just rising, but the rate of increase has been rising exponentially.
Source: Treasury Direct