DeMint blasts both Dem and GOP debt plans

By Peter Schroeder - 07/25/11 05:12 PM ET

Sen. Jim DeMint (R-S.C.) is dismissing new debt plans put forward by both Democrats and Republicans, saying neither "take our debt crisis seriously."

The Tea Party favorite maintained Monday that both plans to raise the debt limit while tackling the deficit are insufficient, and that he will actively oppose them, as well as invite a downgrade to the nation's credit rating.

The rating agencies have insisted that the government craft a credible plan to rein in the deficit, lest its top AAA credit rating be knocked down.

"Instead of serious reforms, both punt the hard decisions," DeMint said in a statement. "By competing with Democrats to create a better political debt deal, instead of a debt solution, Republicans are playing a lose-lose game. This is bad policy and bad politics."

House Speaker John Boehner (R-Ohio) put forward a proposal Monday that would raise the debt ceiling by up to $1 trillion while making future increases conditional on a future deficit-reduction plan, as well as a vote on a balanced-budget amendment.

Meanwhile, Senate Majority Leader Harry Reid (D-Nev.) parried with his own package, consisting of $2.7 trillion in spending cuts and no increases in revenue.

DeMint maintained that the only package he is supporting is the "cut, cap and balance" plan that was passed by the House but shot down in the Senate.

"The bipartisan House-passed Cut, Cap & Balance is the only plan on the table that will ensure we keep our AAA rating and the only plan that will ever allow us to pay down our debt instead of perpetually increasing it," he said.

Meanwhile, MoveOn.org blasted Reid's plan, calling instead for a package that includes revenue increases such as ending tax breaks for corporations and the wealthy.

"MoveOn members, and the great majority of Americans agree that any serious attempt to address the deficit and get our economy back on track must ask those at the top to pay their fair share — and that we must not reduce the deficit on the backs of the middle class and the poor," the liberal group said in a statement.

Watch DeMint below.