President Barack Obama during his Town Hall at the Ritchie Coliseum on the campus of University of Maryland, Friday, July 22, 2011 in College Park, Md. (AP Photo/Pablo Martinez Monsivais)

(CNSNews.com) – The three previous debt ceiling increases signed by President Barack Obama have all been of shorter duration than the 18-month increase the administration is currently demanding, which is contrary to the president’s argument that a long-term increase is necessary for economic stability.

President Obama said in an impromptu July 22 news conference that his priority was an increase in the debt limit that would carry the government through the 2012 elections and into 2013, arguing that doing so was necessary to calm global debt markets.

“The only bottom line that I have is that we have to extend this debt ceiling through the next election, into 2013,” Obama said. “The economy is already weakened. And the notion that five or six or eight months from now we’ll be in a better position to try to solve this problem makes no sense.”

“In addition, if we can’t come up with a serious plan for actual deficit and debt reduction, and all we’re doing is extending the debt ceiling for another six, seven, eight months, then the probabilities of downgrading U.S. credit are increased, and that will be an additional cloud over the economy and make it more difficult for us and more difficult for businesses to create jobs that the American people so desperately need,” said Obama.

However, every debt ceiling increase Obama has signed has been for a shorter duration of time than the current timetable he is demanding – approximately 18 months – which is contrary to his statement that such a longer timetable is economically necessary.

Obama’s first debt ceiling increase – signed in February 2009 along with his stimulus spending bill – lasted approximately 10 months, ending when Obama signed his second debt ceiling increase in December of 2009.

That second increase lasted less than 2 months, ending in February 2010 when Obama signed his third debt limit increase.

House Speaker John Boehner. (AP photo/Evan Vucci)

That final increase lasted approximately 15 months, from February 2010 until the government officially hit the debt ceiling in May 2011.

House Speaker John Boehner (R-Ohio) told Fox News’ Chris Wallace on July 24 that Obama should put aside his reelection worries and focus on raising the debt ceiling, even if it meant an increase more like the ones Obama had previously signed.

“I know the president’s worried about his next election,” Boehner said on Fox News Sunday. “But, my God, shouldn’t we be worried about the country? We’ve got a budget deficit of $1.5 trillion, we’re borrowing 42 cents on every $1 we spend, we have a $14.5 trillion national debt. It is time to get serious about stopping the spending here in Washington, D.C.”

“This is about what’s doable at the eleventh hour,” said the Speaker.

Boehner also said that Republicans would push for a two-step process incorporating a short-term increase in the debt ceiling that would expire before the 2012 election and would be based on the principles in the Cut, Cap, and Balance Act passed by the House last week.

Under that framework, government spending would be cut immediately, capped at specific levels of GDP in the future, and send a balanced budget amendment to the states. Only upon passage of the balanced budget amendment would the debt ceiling be raised through the 2012 elections.

Boehner described this alternative as “doable” after weeks-long talks with the White House broke down on July 22.

The debt ceiling is the amount of money the federal government is legally allowed to borrow. The current limit, $14.25 trillion, was reached on May 16. The Treasury Department has advised lawmakers and the president to reach a deal on raising the debt ceiling to borrow more money or face a potential default on some U.S. commitments. The debt ceiling talks have revolved around an increase of about  $2.5 trillion, which would carry the government into early 2013, after the 2012 presidential election.