At this point, it's not clear if DeMint's opposition or the push back from some House conservatives amounts to a fringe minority fighting the plan or a growing chorus of opposition. But DeMint is a leading voice among Senate conservatives, and one of his counterparts, Rep. Mike Pence (R-Ind.) over the weekend became the first House Republican to outright oppose the bailout.
The Republican Study Committee, a caucus of 100 House conservatives, is meeting tonight in an emergency session to come up with alternatives to the sweeping federal authority being proposed to buy off bad debt from Wall Street banks.
Conservatives and liberals in Congress are also tapping into a growing level of Main Street concerns over a proposal that on the surface seems to let banking titans off the hook for their bad financial decisions in the housing market.
"Most Americans are paying their bills on time and investing responsibly and should not be forced to pay for the reckless actions of some on Wall Street, especially when no one can guarantee this will solve our current problems," DeMint said. "This plan will not only cause our nation to fall off the debt cliff, it could send the value of the dollar into a free-fall as investors around the world question our ability to repay our debts."
Stay tuned to see if other Senate and House Republicans follow DeMint's lead, or whether he'll be in a small but vocal minority when the actual votes happen later this week on the Senate floor.