As of June 2023, the debt ceiling is suspended until January 2025, according to. The current debt limit is about $31.4 trillion. Congress has acted 78 separate times since 1960 to permanently raise, temporarily extend, or revise the definition of the debt limit – 49 times under Republican presidents and 29 times under Democratic presidents. The Treasury Department reached its debt ceiling of $31.4 trillion in January 2023, and after months of debate, lawmakers voted in June of that year to suspend the ceiling until January 2025.