Treasury: Trillion-dollar coin would not be legal
Jan 12, 2013 | 1386 views | 1 1 comments | 4 4 recommendations | email to a friend | print
The White House in Washington, D.C. (AP Photo/Ron Edmonds)
The White House in Washington, D.C. (AP Photo/Ron Edmonds)
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WASHINGTON (AP) — Forget about the government minting a $1 trillion coin to solve its debt-limit crisis.

Treasury Department spokesman Anthony Coley said Saturday that neither his department nor the Federal Reserve believes the law can or should be used to produce such a coin to avoid a coming battle with Congress over government borrowing.

Some of President Barack Obama's liberal allies have been promoting the coin strategy.

The government has reached its $16.4 trillion borrowing limit. By late February or early March, Treasury will run out of ways to cover debts and could begin defaulting on government loans.

White House spokesman Jay Carney says Congress has two options at its disposal: either pay the tab for its spending or send the nation into default, which would have serious economic consequences.
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4lowertax
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January 13, 2013
Cut government workers in half, then cut the pay in half of the remainder of the lame brains. we will be fine! Keep the dead wood and we will sink.
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