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Since March 1962, the debt ceiling has been raised 74 times, according to the Congressional Research Service. Ten of those times have occurred since 2001. Expect more of the same over the next decade.
In the fourth quarter, we paid down just under $0.6 billion of debt to take our total debt reduction to just over $2 billion for the year. This has led to an annualized interest saving of $100 million, which takes the total savings to $235 million over the last two years.