• Home
  • Latest
  • Fortune 500
  • Finance
  • Tech
  • Leadership
  • Lifestyle
  • Rankings
  • Multimedia

Sen. DeMint misstates debt ceiling problem

By
Dan Primack
Dan Primack
Down Arrow Button Icon
By
Dan Primack
Dan Primack
Down Arrow Button Icon
July 11, 2011, 2:49 PM ET

Up until yesterday morning, I was certain that the debt ceiling deadline was our problem. You know, the collective American “we.”

There obviously are individual disagreements over how we got here and what we should do moving forward, but much of that is like bickering over seat assignments while the plane is going down. Even for those who do not believe the U.S. in in danger of defaulting on its debt, there is no doubt that that S&P’s promised credit downgrade would create a rash of unwelcome economic side-effects. It is a timebomb designed to obliterate differences in ideology or intellect.

Well, except according to Sen. Jim DeMint (R-SC). On Fox News Sunday, the Tea Party favorite used some interesting phrasing when talking about a debt ceiling increase:

“We will give the president his increase in the debt limit in return for some reasonable cuts in spending this year, some caps on spending over the next 10 years, and his agreement to send a balanced budget amendment to the Constitution, to the states for them to ratify.”

“We’re willing to give the president an increase in the debt limit…”

“You’re going to see over the next week the large majority of Republicans in the Senate, and hopefully in the House, sponsor a bill that gives the president his debt limit increase, contingent on real cuts, and sending a balanced budget amendment to the states.”

Notice the pronouns? Apparently the debt ceiling increase is an Obama policy initiative, not a necessary fail-safe that has been used dozens of times over the past decades by presidents and congresses of both parties. This is about the President, not the people. Obama can have his way, so long as he first gives up something in return.

It’s as if DeMint is a child who just learned to refuse his vegetables. He and others like him need to quickly internalize the notion that this is our problem. Not just his, or hers or yours.

About the Author
By Dan Primack
See full bioRight Arrow Button Icon

Latest in

Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025

Most Popular

Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Fortune Secondary Logo
Rankings
  • 100 Best Companies
  • Fortune 500
  • Global 500
  • Fortune 500 Europe
  • Most Powerful Women
  • World's Most Admired Companies
  • See All Rankings
  • Lists Calendar
Sections
  • Finance
  • Fortune Crypto
  • Features
  • Leadership
  • Health
  • Commentary
  • Success
  • Retail
  • Mpw
  • Tech
  • Lifestyle
  • CEO Initiative
  • Asia
  • Politics
  • Conferences
  • Europe
  • Newsletters
  • Personal Finance
  • Environment
  • Magazine
  • Education
Customer Support
  • Frequently Asked Questions
  • Customer Service Portal
  • Privacy Policy
  • Terms Of Use
  • Single Issues For Purchase
  • International Print
Commercial Services
  • Advertising
  • Fortune Brand Studio
  • Fortune Analytics
  • Fortune Conferences
  • Business Development
  • Group Subscriptions
About Us
  • About Us
  • Press Center
  • Work At Fortune
  • Terms And Conditions
  • Site Map
  • About Us
  • Press Center
  • Work At Fortune
  • Terms And Conditions
  • Site Map
  • Facebook icon
  • Twitter icon
  • LinkedIn icon
  • Instagram icon
  • Pinterest icon

Latest in

‘It’s here’: Google issues dire warning after catching hackers using AI to break into computers
AIGoogle
‘It’s here’: Google issues dire warning after catching hackers using AI to break into computers
By Matt O'Brien and The Associated PressMay 11, 2026
13 minutes ago
The American housing market is broken—and 3 years in, it’s starting to look permanent
Real EstateHousing
The American housing market is broken—and 3 years in, it’s starting to look permanent
By Alex Veiga and The Associated PressMay 11, 2026
24 minutes ago
How Jeffrey Epstein used elite institutions to maintain control over women
NewslettersMPW Daily
How Jeffrey Epstein used elite institutions to maintain control over women
By Emma HinchliffeMay 11, 2026
47 minutes ago
drew
CommentaryDefense
I helped build the Pentagon’s AI transformation. Corporate America is making every mistake we almost made
By Drew CukorMay 11, 2026
1 hour ago
250
Commentary250 Years of Innovation
America’s true innovation advantage: we don’t just invent technologies — we reinvent how innovation works
By David H. HsuMay 11, 2026
1 hour ago
Current price of Ethereum for May 11, 2026
Personal FinanceEthereum
Current price of Ethereum for May 11, 2026
By Joseph HostetlerMay 11, 2026
2 hours ago

Most Popular

‘This is the way’: Elon Musk endorses Warren Buffett’s famed 5-minute plan to fix the national debt
Economy
‘This is the way’: Elon Musk endorses Warren Buffett’s famed 5-minute plan to fix the national debt
By Jacqueline MunisMay 10, 2026
1 day ago
OpenAI CEO Sam Altman says Gen Z and millennials are using ChatGPT like a 'life advisor'—but college students might be one step ahead
Tech
OpenAI CEO Sam Altman says Gen Z and millennials are using ChatGPT like a 'life advisor'—but college students might be one step ahead
By Sydney LakeMay 10, 2026
1 day ago
Red flag test: former CEO explains why he rejects job candidates who say they can start right away
Success
Red flag test: former CEO explains why he rejects job candidates who say they can start right away
By Orianna Rosa RoyleMay 9, 2026
2 days ago
'Employers are increasingly turning to degree and GPA' in hiring: Recruiters retreat from ‘talent is everywhere,’ double down on top colleges
Future of Work
'Employers are increasingly turning to degree and GPA' in hiring: Recruiters retreat from ‘talent is everywhere,’ double down on top colleges
By Jake AngeloMay 9, 2026
2 days ago
Trump thinks he's flying to Beijing with leverage. China spent 6 years making sure he doesn't have any
Commentary
Trump thinks he's flying to Beijing with leverage. China spent 6 years making sure he doesn't have any
By Steve H. HankeMay 10, 2026
1 day ago
Ted Cruz says the quiet part out loud: Trump accounts are Social Security personal accounts as GOP senator reveals 'dirty little secret'
Politics
Ted Cruz says the quiet part out loud: Trump accounts are Social Security personal accounts as GOP senator reveals 'dirty little secret'
By Jason MaMay 9, 2026
2 days ago

© 2026 Fortune Media IP Limited. All Rights Reserved. Use of this site constitutes acceptance of our Terms of Use and Privacy Policy | CA Notice at Collection and Privacy Notice | Do Not Sell/Share My Personal Information
FORTUNE is a trademark of Fortune Media IP Limited, registered in the U.S. and other countries. FORTUNE may receive compensation for some links to products and services on this website. Offers may be subject to change without notice.