Sen. Jim DeMint (R-S.C.) said he will oppose the financial bailout legislation lawmakers are drawing up.

“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. It’s also very likely that this plan will extend the cycle of bailouts, encouraging other companies to behave in reckless ways that create the need for even more bailouts,” said DeMint, a fiscal hawk.

It is unclear how far DeMint will take his opposition. DeMint regularly takes advantage of the Senate’s time-consuming rules to delay action on bill. The administration is asking Congress to pass the bailout this week.

A DeMint aide said the Senator is weighing his options, which include offering an alternative bill.