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Related: Editorials & Other Articles, Issue Forums, Alliance Forums, Region ForumsBiden could sidestep McConnell's refusal to pay America's bills by minting a $1 trillion coin
A new fight over the debt ceiling is brewing on Capitol Hill.
Senate Minority Leader Mitch McConnell has firmly dug in on refusing GOP help to renew the US's ability to pay off its bills, known as the debt ceiling. Instead, the Kentucky Republican said it's up to Democrats to raise it in order to finance their social spending plans on healthcare, education, and childcare. He insists he's not "bluffing."
But the conundrum could have a coin-sized solution. A loophole in the law that prescribes the types of coins that can legally be minted in the US theoretically allows the Treasury Department to mint a $1 trillion platinum coin, deposit it at the Federal Reserve, and then continue paying its bills as normal.
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Former President Barack Obama said in a 2017 interview with Crooked Media that senior officials had considered minting a coin to stave off a potentially catastrophic default.
https://www.msn.com/en-us/news/politics/the-biden-administration-could-sidestep-mcconnells-refusal-to-pay-americas-bills-by-minting-a-dollar1-trillion-platinum-coin/ar-AAOBo8H
Novel concept
Johonny
(20,683 posts)saying since Mitch was so concerned about socialist's debt then we found one of the leading causes of it.
They won't of course because nothing ever happens in congress anymore. Congress is unable to govern and America will eventually slip into a slow-drip executive branch dictatorship due to it.
jimfields33
(15,462 posts)Thatd get us through a quarter maybe.
dweller
(23,561 posts)The 2nd is free
just pay a special handling fee
✌🏻
madville
(7,397 posts)Oh wait, that would cause rapid inflation and ruin our economy and lots of peoples' lives in short order.
underpants
(182,274 posts)MiHale
(9,593 posts)Sometimes, getting more rare, I cant even break a hundred dollar bill.
United States
Can you break this?
Other countries
Nah, oh just forget it