Stands Against House Republican Proposal, While Ignoring Debt Limit History

In yet another sign that he’s prepared to put the re-election efforts of himself and President Obama ahead of avoiding the federal government defaulting on its debt for the first time in U.S. history, U.S. Senator Ben Nelson (D-NE) joined with his liberal party leaders last night in signing a letter announcing his firm opposition to the two-step plan offered by House Speaker John Boehner and which will be voted on by the House yesterday.

In his letter, Nelson joined with Democrat leaders Harry Reid and Chuck Schumer in claiming that an initial six-month extension, as opposed to the two year extension sought by President Obama, would put America at risk.  Notably, the Boehner bill has the strong support and endorsement of the Nebraska Chamber of Commerce and Industry.  Ignoring that, Nelson and his fellow Democrats write, “A short-term extension like the one in your bill would put America at risk, along with every family and business in it. Your approach would force us once again to face the threat of default in five or six short months.”

However, there is one huge problem with Nelson’s spin – it’s not supported by facts or by history.

Over the last 40 years, there have been 37 separate debt limit increases that last 6 months or less, and never once has the federal government ultimately defaulted on its debt.  Meanwhile, the $2.4 trillion increase President Obama is seeking represents the largest single debt hike in history, and, quite conveniently, it kicks the can down the road past both his and Senator Nelson’s re-election bids next year.

“As Ben Nelson once again stands side-by-side with President Obama, and against the Nebraska small business community, the only conclusion to draw is that they are more interested in their own re-election bids than with avoiding a catastrophic default next week.  Senator Nelson is playing politics with the full faith and credit of the U.S. economy and his partisan actions are shameful,” National Republican Senatorial Committee (NRSC) spokesman Jahan Wilcox said today.

As a reminder when you consider Senator Nelson’s continued rhetoric on this issue and his claims that America would be put at risk with a short-term debt limit extension, Nelson voted AGAINST raising the debt limit when President Bush was in the White House.  Apparently his views on this key issue depend on which party controls the White House:

• Nelson Voted Against Raising The Debt Ceiling Four Times.(H.J. Res. 43, CQ Vote #354: Passed (thus cleared for the president) by a vote of 53-42: R 27-20; D 25-21; I 1-1, 9/27/07, Nelson Voted Nay; H.J. Res. 47, CQ Vote #54: Passed (thus cleared for the president) 52-48: R 52-3; D 0-44; I 0-1, 3/16/06, Nelson Voted Nay; S. 2986, CQ Vote #213: Passed 52-44: R 50-1; D 2-42; I 0-1, 11/17/04 , Nelson Voted Nay; H. J. Res. 51, CQ Vote #202: Passed (thus cleared for the president) 53-44: R 50-1; D 2-43; I 1-0, 5/23/03, Nelson Voted Nay)

• Ben Nelson: “Raising The Debt Ceiling Allows Washington To Continue To Spend Without Cutting Costs. Instead Of Forcing Washington To Adopt A Pay-As-You-Go Budget, This Proposal Encourages Government To Spend Now Without Even A Plan To Pay For It Later. If We Raise The Debt Ceiling, The Nation Will Just Go Deeper In Debt. Washington Will Never Get Out Of The Hole If It Doesn’t Stop Digging.” (Senator Ben Nelson, “Sen. Nelson Issues Statement On Raising Debt Ceiling,” Press Release, 3/16/06)

FACT CHECK: Average Debt Hike 7 months

• In the last 40 years there have been 37 debt limit increases that lasted 6 months or less. The average length of increases since 1972 is just over 7 months. (“Historical Tables: Table 7.3 Statutory Limits On Federal Debt: 1940-Current,” The President’s Budget For Fiscal Year 2012, 2/14/11)

• At $2.4 Trillion President Obama asking for largest debt hike in history, topping his previous record increase of $1.9 trillion which he signed into law on February 12^th, 2010. (“Historical Tables: Table 7.3 Statutory Limits On Federal Debt: 1940-Current,” The President’s Budget For Fiscal Year 2012, 2/14/11)