Today on Christmas Eve the Senate increased the US Government's debt ceiling by $290 billion to $12.4 trillion. 

It has only been 10 months since Congress last increased the debt ceiling by $800 billion to $12.1 trillion.  The latest "raising of the so-called roof" will serve as a momentary patch until policy makers can inflate the ceiling again by an additional, contemplated $1.7 trillion.  The thinking goes that an almost $2 trillion combined increase would likely be enough to forestall a further expansion until after the mid-term Congressional election in November 2010.  After which perpetual further expansions will follow.

I observed in February 2010 that the moniker "debt ceiling" was innapropriate given the actual definition of the word "ceiling". 

I update the included chart for posterity.  I further commented that the ceiling more closely approximated a "linear ascension".  Sadly the debt ceiling appears to be rising at an accelerating pace making my previous observation quaint.