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 Bob Casey (D-PA) 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 which will be voted on by the House today.

In his letter, Casey 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 Pennsylvania Chamber of Business and Industry.  Ignoring that, Casey 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 Casey’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 he and Senator Casey’s re-election bids next year.

“As Bob Casey once again stands side-by-side with President Obama, and against the Pennsylvania 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 Casey 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 Brian Walsh said today.

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)