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

Trendingnow

1

After 40 investors rejected Jeff Bezos’ Amazon pitch, his parents offered $245,573 of their retirement savings

2

China now makes up a record 40% of all global container exports—and it’s a sign Trump’s tariffs meant to punish Chinese firms have fallen flat

3

Billionaire Nike cofounder Phil Knight gives $1 billion to his alma mater: ‘This is no time to abandon’ higher education

1

After 40 investors rejected Jeff Bezos’ Amazon pitch, his parents offered $245,573 of their retirement savings

2

China now makes up a record 40% of all global container exports—and it’s a sign Trump’s tariffs meant to punish Chinese firms have fallen flat

3

Billionaire Nike cofounder Phil Knight gives $1 billion to his alma mater: ‘This is no time to abandon’ higher education

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
Google source logo
Add Fortune on Google for similar content.

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


Most Popular

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
  • TikTok icon
  • YouTube icon

    Latest in


    Most Popular

    © 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.