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The White House has joined Yellen in pushing back on calls to mint the coin, as Press Secretary Karine Jean-Pierre told reporters earlier this month that "we're not considering any measures that would go around Congress." While the idea is often floated as a way to skirt gridlock in Congress during impasses over the debt limit, it has also been suggested as a means of funding broad spending plans. Progressive Rep. Rashida Tlaib previously proposed a bill to mint $2 trillion worth of platinum coins to fund recurring monthly stimulus payments during the COVID-19 pandemic.
Critics of the plan to mint the $1 trillion coin note that it would further fuel inflation by injecting additional fiscal stimulus into the economy. It could also spark concern in bond markets as participants begin to doubt the ability of the U.S. government to address its fiscal issues and make payments on the debt.
With the $1 trillion coin likely off the table, lawmakers in Congress will have to reach a bipartisan compromise with the Biden administration to address the debt limit before the Treasury's extraordinary measures run out this summer.
It's an old story $1 trillion coin: Should Obama exploit the Treasury's platinum loophole? (1/19/2013)
If it moves, it's not a ceiling. Ceiling implies sealed. Cut the Spending. Reincorporate unused allocations. Reduce the size of Government by at least 10%. Stop giving Migrants & Illegal Aliens hundreds of Billions in Social Welfare benefits & services each year.
Print 50 T coins and deposit them in the treasury. Make them out of a mix of 1000 metals, no one gets the monetary bump. I've seen worse ideas from every Democrat on the planet.
Borrowing to pay debt and operating expenses isn't sustainable. All know that except our government. The debt ceiling is a joke. Why have it if they continuously raise it! Most politicians are more interested in re-election than the health of the U.S.
The entire monetary system is a gimmick.
It might be time for Janet Yellen to sit down with ripple and discuss 'on demand liquidity.'
They already have $1T coins
What would be the spot price of platinum if this happened?
And reducing oil from the SOR to lower gas prices then selling the oil to China was sound fiscal strategy. She’s a beauty!
take a good look at the senile overlord of our us dollars. she couldnt hold a job at grocery store, but so easy to control. thats why shes there. perfect. buy gold.
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