Sorry, lefties: No magic trillion-dollar coin for you
And the coin toss goes to… reality.
The Obama administration said on Saturday that it will not mint a trillion-dollar platinum coin to sidestep the debt ceiling.
“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,” Treasury spokesman Anthony Coley said in an email…
Congress needs to approve most new borrowing, but an obscure provision of a 1997 law allows the Treasury secretary to mint platinum coins of any value.
The law was intended to allow for collectible coins, but some argued the president should use the power to prevent the government from defaulting on its debt.
B-b-but… Paul Krugman said it was a good idea! He really wanted to show those mean Republicans who’s boss with a shiny magic coin. This isn’t fair.
Oh well. Maybe they’ll find another really good idea in some other old episode of The Simpsons.
Hey, how about magic IOUs? That would be totally different!
— Jim Treacher (@jtLOL) January 14, 2013