TribLIVE

| USWorld


 
Larger text Larger text Smaller text Smaller text | Order Photo Reprints

$1 trillion platinum coin? Don't bank on it

Daily Photo Galleries

By Bloomberg News
Saturday, Jan. 12, 2013, 6:28 p.m.
 

The Treasury Department and Federal Reserve oppose the idea of minting platinum coins as a way to avoid the debt ceiling, according to a statement from Treasury spokesman Anthony Coley.

“Neither the Treasury Department nor the Federal Reserve believes that the law can or should be used to facilitate the production of platinum coins for the purpose of avoiding an increase in the debt limit,” Coley said in an email.

Amid Republican opposition to raising the debt ceiling without spending cuts, some Democrats, including House Democratic leader Nancy Pelosi, have proposed invoking the Constitution's 14th amendment and minting a platinum coin with a face value of $1 trillion to pay government bills.

The U.S. reached the statutory borrowing limit on Dec. 31 and the Treasury Department is using what it calls “extraordinary” measures to finance the government. The Congressional Budget Office estimates those steps will be exhausted by mid-February.

 

 
 


Show commenting policy

Most-Read Nation

  1. Judge orders W.Va. agency to release pollution data
  2. Man caught jumping White House fence
  3. Alleged trooper killer may have been seen Friday
  4. Biden’s son Hunter under no bar review after Navy Reserve discharge for cocaine use
  5. Obama’s credit card declined in New York restaurant
  6. Top-secret space plane returns home, mission unknown
  7. Gay-rights activists endorse HIV drug
  8. Election picture looks less predictable with Ebola, ISIS on the table
  9. Riots shake Keene State College in New Hampshire
  10. Teen’s pre-existing condition led to death
  11. American free of virus
Subscribe today! Click here for our subscription offers.