US debt limit has seen 78 changes since 1960. This time is likely no different, says Bank of America's wealth management team

• Lawmakers will ultimately reach an agreement preventing the US from defaulting on its debt, according to Merrill strategists. 
• The debt ceiling has been changed 78 times since 1960 despite political deadlocks, and this time is "likely no different", they said. 
• "Many past instances of debt limit standoffs have been resolved without significant market fallout," they said. 

The US debt ceiling has been altered 78 times since 1960 despite political standoffs, and that suggests lawmakers will eventually knock together a solution despite a current deadlock, according to Bank of America's wealth management division.