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Good Question: How many times has the debt ceiling been raised?

The deadline for raising the debt ceiling is just six days away.

While sparring on Capital Hill continues its left the rest of us to wonder what will happen if no agreement is met?

Good Question: How many times has the debt ceiling been raised?

Democrats and Republicans in Washington are still far apart on a debt deal, with time running out.

"Its a lot better than if we let the president continue his spending spree," said Representative Michael Grimm, a Democrat from New York.

At odds the debt ceiling, its a cap put in place by Congress on the amount the government can legally borrow.

"There's only one bill that is a true compromise, we're running out of time, we need to get serious about a compromise," said Senate Majority Leader Harry Reid.

That cap affects you and me, meaning it applies to debt owed to the public.

For example anyone who buys U.S. bonds and it also applies to funds tied to Social Security and Medicare.

The debt ceiling was first put in place in 1917, set at $11.5 billion that number has grown outrageously through the years.

In theory the debt ceiling was set to control spending, some argue with a number like $14 trillion, in reality that hasn't been the case.

Since 1962 the Congressional Research Service says the debt limit has been raised 74 times, ten of those times just since 2001.

And as lawmakers work on a compromise, the rest of the country is left to wonder what will happen if they don't or what will happen if its raised again.

Speaker of the House John Boehner plans to bring his plan to the house floor Thursday.

Senator Reid appears to be holding off on putting his plan up for a vote.


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