"I'm deeply troubled by this plan," DeMint said in a statement Thursday night.
"What is missing from it and from the recent string of bailouts is a commitment to return to a free enterprise economy. The federal government caused this problem by using taxpayer dollars to implicitly guarantee millions of mortgages, which have been sold as securities around the world. This socialization of risk removed market accountability and has now set off a chain of events that is threatening our entire economy. What we need now is not what could be nearly a trillion dollars in new taxpayer bailouts, but pro-growth policies that allow our markets to correct and start growing again."