DeMint: Obama Intentionally Creating 'Panic' Over Debt Ceiling

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SEN. JIM DEMINT, R-S.C.: I'm questioning what he's saying because we are not going to default. We've got enough tax revenue to pay our bills. It certainly will be disruptive if we continue on the track we're going right now. But we have enough assets and Social Security, Medicare trust fund to pay those benefits for several years if necessary. It's not ideal but we don't need to panic and rush into a deal. And the president is actually been burning the clock with these secret negotiations, pushing us up against a deadline so he can create this panic. We need to keep calm and if the president will work with us on some reasonable cuts, we'll work with him on giving him an increase on the debt limit. But now is not the time to panic and do something else that's going to make our economy worse and cost us more jobs.

ANN CURRY, CO-HOST, "TODAY" SHOW: It's interesting you say not to panic because we also heard the head of the IMF saying there will be global consequences if this is not done very quickly. What makes you so confident that there's enough money to pay these bills, including the Social Security checks?

DEMINT: Ann, we need to listen to what they're saying. Geithner and the head of the IMF are saying if we default it will be catastrophic. We're not going to default. We've got the money. The only way we will default is if Secretary Geithner and the president choose to default. They're required by law to pay our bills. They're also required by law to pay Social Security and Medicare. So we don't need to panic. We would like to get this deal done. We will give the president an increase in the debt limit, but only if the Democrats help us send to the states an opportunity to ratify a balanced budget amendment to the constitution.