Once one discounts the amounts held by the Federal Reserve and other federal agencies and trusts, like the Social Security Trust Fund, it is around 60% of GDP, as shown in the figure below.
This is not high by historical standards. It is far from clear also that if we used the gross value of 100% of GDP that would be a problem. Further, low rates of interest imply that borrowing is not expensive. In short, there is no rationale for not raising the debt-ceiling. If you had any doubts.
