Jim Demint (R-SC), unsurprisingly, is opposing a federal bailout of the states. He says that Congress should create a bankruptcy procedure for states and let it work. He also wants to bar the Fed from promulgating its own state bailouts.
The latter is clearly important. I’m no longer sure what restrictions exist on the Fed, since some of its most significant acts over the last few years (e.g., buying private equity) are things it had never previously done and I had thought were forbidden to it.
UPDATE: Eric Cantor (R-VA) opposes having a bankruptcy procedure for states.