• 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
  • Future 50
  • World’s Most Admired Companies
  • See All Rankings
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
  • Editorial Calendar
  • Press Center
  • Work At Fortune
  • Diversity And Inclusion
  • Terms And Conditions
  • Site Map
  • About Us
  • Editorial Calendar
  • Press Center
  • Work At Fortune
  • Diversity And Inclusion
  • Terms And Conditions
  • Site Map
  • Facebook icon
  • Twitter icon
  • LinkedIn icon
  • Instagram icon
  • Pinterest icon

Latest in

Members of the public pose for photographs beside the Charging Bull, sometimes referred to as the Bull of Wall Street or the Bowling Green Bull on Broadway on April 14, 2025 in New York City.
EconomyWall Street
Markets haven’t rallied this fast since COVID—Iran volatility is just another ‘notch on the belt’ of investors, says J.P. Morgan strategist
By Eleanor PringleApril 15, 2026
35 minutes ago
Gavin Newsom stands behind a podium with a piece of paper in his hands as people celebrate around him.
Economycompensation
Economists warned California not to raise the minimum wage to $20. They were wrong in almost every way so far, another economist says
By Sasha RogelbergApril 15, 2026
49 minutes ago
fudd
CommentarySports
Azzi Fudd: how I learned to use NIL for transformation, not just transactions
By Azzi FuddApril 15, 2026
54 minutes ago
With global oil supplies weeks away from systemic shortages, Trump teases an end to the war
EnergyMarkets
With global oil supplies weeks away from systemic shortages, Trump teases an end to the war
By Jim EdwardsApril 15, 2026
55 minutes ago
Dow’s next chapter depends on whether new CEO Karen Carter gets room to lead—and how fast Jim Fitterling steps back
NewslettersCEO Daily
Dow’s next chapter depends on whether new CEO Karen Carter gets room to lead—and how fast Jim Fitterling steps back
By Diane BradyApril 15, 2026
2 hours ago
Mike Horton poses with his arms crossed.
NewslettersTerm Sheet
Exclusive: Hyfix raises $15 million to build a U.S. alternative to DJI’s drone dominance
By Lily Mae LazarusApril 15, 2026
2 hours ago

Most Popular

Billionaire philanthropist MacKenzie Scott has donated again—a week after gifting millions to a college, she's just given $70 million to Meals on Wheels America
Success
Billionaire philanthropist MacKenzie Scott has donated again—a week after gifting millions to a college, she's just given $70 million to Meals on Wheels America
By Fortune EditorsApril 13, 2026
2 days ago
Retirees are facing a $345,000 bill they never saw coming — and most aren't prepared
Commentary
Retirees are facing a $345,000 bill they never saw coming — and most aren't prepared
By Fortune EditorsApril 14, 2026
1 day ago
He was coding at 12 like Elon Musk and became one of Google’s youngest-ever CMOs—but now says Gen Z is better off ice skating than learning to code
Success
He was coding at 12 like Elon Musk and became one of Google’s youngest-ever CMOs—but now says Gen Z is better off ice skating than learning to code
By Fortune EditorsApril 14, 2026
1 day ago
Anthropic is facing a wave of user backlash over reports of performance issues with its Claude AI chatbot
AI
Anthropic is facing a wave of user backlash over reports of performance issues with its Claude AI chatbot
By Fortune EditorsApril 14, 2026
1 day ago
Palantir CEO says working at his $316 billion software company is better than a degree from Harvard or Yale: ‘No one cares about the other stuff’
Success
Palantir CEO says working at his $316 billion software company is better than a degree from Harvard or Yale: ‘No one cares about the other stuff’
By Fortune EditorsApril 14, 2026
23 hours ago
Current price of oil as of April 14, 2026
Personal Finance
Current price of oil as of April 14, 2026
By Fortune EditorsApril 14, 2026
24 hours 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.