Treasury Secretary Janet Yellen identified June 5 as the day the U.S. government would default on its obligations, should congress fail to raise the nation’s borrowing limit. Though the Senate passed the debt ceiling bill, averting a default, such a default would have had catastrophic consequences.
Projections from the Council of Economic Advisors show that even a short default could result in half a million job losses and an economic contraction of over half a percentage point. A protracted default, meanwhile, could result in over 8 million job losses and a 6% annualized economic contraction in the third quarter.
The current bill to raise the country’s debt ceiling represents a last-minute compromise between the Democratic Biden administration and Republican House Speaker Kevin McCarthy. In eras where both the White House and Congress are under the control of the same political party, raising the country’s borrowing limit is relatively straightforward, with little talk of potential default. In the last 45 years alone, the federal government has raised the country’s borrowing limit a total of 61 times. The latest one would be the 62nd time.
Using data from the Jan. 6, 2022 report Votes on Measures to Adjust the Statutory Debt Limit, 1978 to Present, from the Congressional Research Service, 24/7 Wall St. identified each instance Congress acted to raise or suspend the debt limit in the last 45 years.
Contentious negotiations over this year’s debt limit increase are partially due to concerns over the rapidly rising level of debt the U.S. has accumulated. Between the year 2000 and 2022, the U.S. national debt surged from $9.7 trillion to $30.9 trillion, adjusting for inflation. Over the same period, U.S. national debt climbed from 56% of gross domestic product, to 124%. (Here is a look at the 15 countries where government debt is larger than the entire economy.)
According to the U.S. Treasury Department, rising debt in recent decades is attributable to tax cuts, the wars in Iraq and Afghanistan, the Great Recession, and the stimulus programs and reduced revenue during the COVID-19 pandemic.
Between 1978 and 2022, the years considered on this list, the nation’s debt ceiling rose from $752 billion to $31.4 trillion. The list spans eight presidential administrations, from Carter to Biden. The largest share of increases to borrowing that required congressional action – 18 in total – occurred during the Reagan Administration, which lasted eight years. (The national debt increased the most under these U.S. Presidents.)
Click here to see every time Congress raised the debt ceiling in the last 45 years.
Source: Archive Photos / Archive Photos via Getty Images
1. March 27, 1978
> Debt limit: $752.0 billion
> House vote results: 233 for, 172 against
> Senate vote results: Passed by voice vote
> U.S. president: Jimmy Carter
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Source: ciagov / Flickr
2. August 3, 1978
> Debt limit: $798.0 billion
> House vote results: 205 for, 202 against
> Senate vote results: 62 for, 31 against
> U.S. president: Jimmy Carter
Source: Hulton Archive / Getty Images
3. April 2, 1979
> Debt limit: $830.0 billion
> House vote results: 209 for, 165 against
> Senate vote results: 62 for, 33 against
> U.S. president: Jimmy Carter
Source: Public Domain / Wikimedia Commons
4. Sept. 29, 1979
> Debt limit: $879.0 billion
> House vote results: 219 for, 198 against
> Senate vote results: 49 for, 29 against
> U.S. president: Jimmy Carter
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Source: pingnews / Flickr
5. May 30, 1980
> Debt limit: $879.0 billion
> House vote results: Passed by voice vote
> Senate vote results: 47 for, 10 against
> U.S. president: Jimmy Carter
Source: MPI / Archive Photos via Getty Images
6. June 6, 1980
> Debt limit: $879.0 billion
> House vote results: 335 for, 34 against
> Senate vote results: 68 for, 10 against
> U.S. president: Jimmy Carter
Source: pingnews / Flickr
7. June 28, 1980
> Debt limit: $925.0 billion
> House vote results: N/A
> Senate vote results: 54 for, 39 against
> U.S. president: Jimmy Carter
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Source: pingnews / Flickr
8. Dec. 19, 1980
> Debt limit: $935.1 billion
> House vote results: N/A
> Senate vote results: Passed by voice vote
> U.S. president: Jimmy Carter
Source: smithsonian / Flickr
9. Feb. 7, 1981
> Debt limit: $985.0 billion
> House vote results: 305 for, 104 against
> Senate vote results: 73 for, 18 against
> U.S. president: Ronald Reagan
Source: Public Domain / Wikimedia Commons
10. Sept. 30, 1981
> Debt limit: $999.8 billion
> House vote results: N/A
> Senate vote results: Passed by voice vote
> U.S. president: Ronald Reagan
Source: Public Domain / Wikimedia Commons
11. Sept. 30, 1981
> Debt limit: $1.1 trillion
> House vote results: N/A
> Senate vote results: 64 for, 34 against
> U.S. president: Ronald Reagan
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Source: pingnews / Flickr
12. June 28, 1982
> Debt limit: $1.1 trillion
> House vote results: N/A
> Senate vote results: 49 for, 41 against
> U.S. president: Ronald Reagan
Source: Keystone / Hulton Archive via Getty Images
13. Sept. 30, 1982
> Debt limit: $1.3 trillion
> House vote results: N/A
> Senate vote results: 50 for, 41 against
> U.S. president: Ronald Reagan
Source: Central Press / Getty Images
14. May 26, 1983
> Debt limit: $1.4 trillion
> House vote results: Passed by voice vote
> Senate vote results: 51 for, 41 against
> U.S. president: Ronald Reagan
Source: Rogers / Hulton Archive via Getty Images
15. Nov. 21, 1983
> Debt limit: $1.5 trillion
> House vote results: 214 for, 186 against
> Senate vote results: Passed by voice vote
> U.S. president: Ronald Reagan
Source: © CORBIS via Getty Images
16. May 25, 1984
> Debt limit: $1.5 trillion
> House vote results: 211 for, 198 against
> Senate vote results: Passed by voice vote
> U.S. president: Ronald Reagan
Source: smithsonian / Flickr
17. July 6, 1984
> Debt limit: $1.6 trillion
> House vote results: 208 for, 202 against
> Senate vote results: Passed by voice vote
> U.S. president: Ronald Reagan
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Source: Rogers / Hulton Archive via Getty Images
18. Oct.. 13, 1984
> Debt limit: $1.8 trillion
> House vote results: Passed with unanimous consent
> Senate vote results: 37 for, 30 against
> U.S. president: Ronald Reagan
Source: coast_guard / Flickr
19. Nov. 14, 1985
> Debt limit: $1.9 trillion
> House vote results: 300 for, 121 against
> Senate vote results: Passed by voice vote
> U.S. president: Ronald Reagan
Source: Pictorial Parade / Archive Photos via Getty Images
20. Dec. 12, 1985
> Debt limit: $2.1 trillion
> House vote results: 271 for, 154 against
> Senate vote results: 61 for, 31 against
> U.S. president: Ronald Reagan
21. August 21, 1986
> Debt limit: $2.1 trillion
> House vote results: 216 for, 199 against
> Senate vote results: 36 for, 35 against
> U.S. president: Ronald Reagan
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Source: pingnews / Flickr
22. Oct. 21, 1986
> Debt limit: $2.3 trillion
> House vote results: 305 for, 70 against
> Senate vote results: 61 for, 25 against
> U.S. president: Ronald Reagan
Source: MPI / Archive Photos via Getty Images
23. May 15, 1987
> Debt limit: $2.3 trillion
> House vote results: 296 for, 124 against
> Senate vote results: 58 for, 36 against
> U.S. president: Ronald Reagan
Source: Ronald Reagan Library / Getty Images
24. July 30, 1987
> Debt limit: $2.3 trillion
> House vote results: 263 for, 155 against
> Senate vote results: Passed by voice vote
> U.S. president: Ronald Reagan
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Source: The White House / Getty Images
25. August 10, 1987
> Debt limit: $2.4 trillion
> House vote results: Passed by voice vote
> Senate vote results: 51 for, 39 against
> U.S. president: Ronald Reagan
Source: Getty Images / Handout
26. Sept. 29, 1987
> Debt limit: $2.8 trillion
> House vote results: 230 for, 176 against
> Senate vote results: 64 for, 34 against
> U.S. president: Ronald Reagan
Source: bennetthall / Flickr
27. August 7, 1989
> Debt limit: $2.9 trillion
> House vote results: 231 for, 185 against
> Senate vote results: Passed by voice vote
> U.S. president: George H.W. Bush
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28. Nov. 8, 1989
> Debt limit: $3.1 trillion
> House vote results: 269 for, 99 against
> Senate vote results: Passed by voice vote
> U.S. president: George H.W. Bush
Source: departmentofenergy / Flickr
29. August 9, 1990
> Debt limit: $3.2 trillion
> House vote results: 247 for, 172 against
> Senate vote results: Passed by voice vote
> U.S. president: George H.W. Bush
Source: MPI / Getty Images
30. Oct. 2, 1990
> Debt limit: $3.2 trillion
> House vote results: Passed by voice vote
> Senate vote results: Passed with unanimous consent
> U.S. president: George H.W. Bush
Source: Public Domain / Wikimedia Commons
31. Oct. 9, 1990
> Debt limit: $3.2 trillion
> House vote results: 362 for, 3 against
> Senate vote results: Passed by voice vote
> U.S. president: George H.W. Bush
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Source: Public Domain / Wikimedia Commons
32. Oct. 19, 1990
> Debt limit: $3.2 trillion
> House vote results: 379 for, 37 against
> Senate vote results: Passed by voice vote
> U.S. president: George H.W. Bush
Source: Mark Reinstein / Getty Images
33. Oct. 25, 1990
> Debt limit: $3.2 trillion
> House vote results: 380 for, 45 against
> Senate vote results: Passed with unanimous consent
> U.S. president: George H.W. Bush
Source: Mark Reinstein / Getty Images
34. Oct. 28, 1990
> Debt limit: $3.2 trillion
> House vote results: 283 for, 49 against
> Senate vote results: Passed by voice vote
> U.S. president: George H.W. Bush
Source: Mark Reinstein / Getty Images
35. Nov. 5, 1990
> Debt limit: $4.1 trillion
> House vote results: 228 for, 200 against
> Senate vote results: 54 for, 45 against
> U.S. president: George H.W. Bush
Source: usnationalarchives / Flickr
36. April 6, 1993
> Debt limit: $4.4 trillion
> House vote results: 237 for, 177 against
> Senate vote results: Passed with unanimous consent
> U.S. president: Bill Clinton
Source: smithsonian / Flickr
37. August 10, 1993
> Debt limit: $4.9 trillion
> House vote results: 218 for, 216 against
> Senate vote results: 51 for, 50 against
> U.S. president: Bill Clinton
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Source: Public Domain / Wikimedia Commons
38. Feb. 8, 1996
> Debt limit: N/A
> House vote results: 396 for, 0 against
> Senate vote results: Passed with unanimous consent
> U.S. president: Bill Clinton
Source: Ross Kinnaird / Getty Images
39. March 12, 1996
> Debt limit: N/A
> House vote results: 362 for, 51 against
> Senate vote results: Passed by voice vote
> U.S. president: Bill Clinton
Source: Mark Reinstein / Getty Images
40. March 29, 1996
> Debt limit: $5.5 trillion
> House vote results: 328 for, 91 against
> Senate vote results: Passed with unanimous consent
> U.S. president: Bill Clinton
Source: smithsonian / Flickr
41. August 5, 1997
> Debt limit: $6.0 trillion
> House vote results: 346 for, 85 against
> Senate vote results: 85 for, 18 against
> U.S. president: Bill Clinton
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Source: usnationalarchives / Flickr
42. June 28, 2002
> Debt limit: $6.4 trillion
> House vote results: 215 for, 214 against
> Senate vote results: 68 for, 29 against
> U.S. president: George W. Bush
Source: Brendan Smialowski / Getty Images
43. May 27, 2003
> Debt limit: $7.4 trillion
> House vote results: 216 for, 211 against
> Senate vote results: 53 for, 44 against
> U.S. president: George W. Bush
Source: Getty Images / Getty Images News via Getty Images
44. Nov. 19, 2004
> Debt limit: $8.2 trillion
> House vote results: 208 for, 204 against
> Senate vote results: 52 for, 44 against
> U.S. president: George W. Bush
24/7 Wall St.
Source: Mark Wilson / Getty Images News via Getty Images
45. March 20, 2006
> Debt limit: $9.0 trillion
> House vote results: N/A
> Senate vote results: 52 for, 48 against
> U.S. president: George W. Bush
Source: Jamie Rose / Getty Images News via Getty Images
46. Sept. 29, 2007
> Debt limit: $9.8 trillion
> House vote results: N/A
> Senate vote results: 52 for, 48 against
> U.S. president: George W. Bush
Source: Public Domain / Wikimedia Commons
47. July 30, 2008
> Debt limit: $10.6 trillion
> House vote results: 272 for, 152 against
> Senate vote results: 72 for, 13 against
> U.S. president: George W. Bush
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Source: Pool / Getty Images
48. Oct. 3, 2008
> Debt limit: $11.3 trillion
> House vote results: 263 for, 171 against
> Senate vote results: 74 for, 25 against
> U.S. president: George W. Bush
Source: Pool / Getty Images News via Getty Images
49. Feb. 17, 2009
> Debt limit: $12.1 trillion
> House vote results: 246 for, 183 against
> Senate vote results: 60 for, 38 against
> U.S. president: Barack Obama
Source: Pool / Getty Images News via Getty Images
50. Dec. 28, 2009
> Debt limit: $12.4 trillion
> House vote results: 218 for, 214 against
> Senate vote results: 60 for, 39 against
> U.S. president: Barack Obama
Source: Win McNamee / Getty Images News via Getty Images
51. Feb. 12, 2010
> Debt limit: $14.3 trillion
> House vote results: 233 for, 187 against
> Senate vote results: 60 for, 39 against
> U.S. president: Barack Obama
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Source: Eric Thayer / Getty Images News via Getty Images
52. August 2, 2011
> Debt limit: $16.4 trillion
> House vote results: 269 for, 161 against
> Senate vote results: 74 for, 26 against
> U.S. president: Barack Obama
Source: Handout / Getty Images News via Getty Images
53. Feb. 4, 2013
> Debt limit: N/A
> House vote results: 285 for, 144 against
> Senate vote results: 64 for, 34 against
> U.S. president: Barack Obama
Source: Pool / Getty Images News via Getty Images
54. Oct. 17, 2013
> Debt limit: N/A
> House vote results: 285 for, 144 against
> Senate vote results: 81 for, 18 against
> U.S. president: Barack Obama
Source: Pool / Getty Images News via Getty Images
55. Feb. 15, 2014
> Debt limit: N/A
> House vote results: 221 for, 201 against
> Senate vote results: 55 for, 43 against
> U.S. president: Barack Obama
Source: Alex Wong / Getty Images News via Getty Images
56. Nov. 2, 2015
> Debt limit: N/A
> House vote results: 266 for, 167 against
> Senate vote results: 65 for, 35 against
> U.S. president: Barack Obama
Source: Sean Gallup / Getty Images News via Getty Images
57. Sept. 8, 2017
> Debt limit: N/A
> House vote results: 316 for, 90 against
> Senate vote results: 80 for, 17 against
> U.S. president: Donald Trump
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Source: Pool / Getty Images News via Getty Images
58. Feb. 9, 2018
> Debt limit: N/A
> House vote results: 240 for, 186 against
> Senate vote results: 71 for, 28 against
> U.S. president: Donald Trump
Source: Pete Marovich / Getty Images News via Getty Images
59. August 2, 2019
> Debt limit: N/A
> House vote results: 284 for, 149 against
> Senate vote results: 67 for, 28 against
> U.S. president: Donald Trump
Source: Kevin Dietsch / Getty Images News via Getty Images
60. Oct. 14, 2021
> Debt limit: $28.9 trillion
> House vote results: 219 for, 212 against
> Senate vote results: 50 for, 48 against
> U.S. president: Joe Biden
Source: iip-photo-archive / Flickr
61. Dec. 16, 2021
> Debt limit: $31.4 trillion
> House vote results: 221 for, 209 against
> Senate vote results: 50 for, 49 against
> U.S. president: Joe Biden
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