Last month, former Treasury Secretary Jack Lew said in anthat trying to come up with a legal theory that a court would see as legitimate was"just a risky thing" to do.
"The debate over the 14th Amendment has gone on, you know, for a number of years. I think you got to go back to the history. It was written to pay Union debts and to treat Confederate debts not as Union debts. It was not meant to be a broad grant of power," Lew said."Somebody could challenge the legitimacy of the action. And again, we’re the reserve currency of the world. Full faith and credit is unquestioned.
Lew also said that the"platinum coin" option — the idea that the president could simply order production of a trillion-dollar coin and use it to pay down debt, which"I don’t think, you know, the solution is for us to kind of pretend that there are easy things like a magical coin that solves the problem," Lew said."I always believed that any of the ideas that were kind of fringe ideas were very risky. I’m not going to say with absolute certainty what you can and can’t do.
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