White House Refuses to Deny Rumor of $1 TRILLION Coin!
A trillion dollar coin? Really?After political pundits were tossing around the idea that the U.S. could avert financial issues by minting trillion dollar coins, the absurd idea gained fuel because nobody in the White House will deny or refute the idea.
The reason the idea has gained momentum is partly because the Obama administration has already skirted law, flaunted conventional financial procedures (with the stimulus, for example) and done things to make U.S. and world markets skittish.
If Obama did not already have an established reputation for trying to do whatever he wants, this story would have been laughed away. But by using executive orders, bypassing Congress, and flaunting his czars, Obama has people believing the federal government would try just about anything.
How would the trillion dollar coin work? From Fox News:
Proponents of the idea point to a tiny section in the U.S. code that allows the Treasury secretary to "mint and issue platinum bullion coins and proof platinum coins" of a size and denomination of "the secretary's discretion." This is mainly for commemorative coins, but the idea is that the provision could be exploited as an ace-up-the-sleeve for the administration if Republicans try to block an increase in the debt ceiling. The argument is that minting a trillion-dollar coin is as ridiculous as Congress refusing to pay debts it has already accumulated... so why not?
Press Secretary Jay Carney has said the 14th Amendment will not be tinkered with to allow the debt ceiling to be raised, but at the same time has not denied or confirmed the coin theory. More from Fox News, about the most recent White House press conference:
He (Carney) was then asked: 'Will you totally rule it out?'
Carney answered: 'You could speculate about a lot of things, but there is -- nothing needs to come to these kinds of speculative notions about how to deal with a problem that is easily resolved by Congress doing its job, very simply.' Asked again later during the briefing about the coin, Carney said reporters should ask the Treasury Department 'Since Treasury, I believe, oversees printing and minting.' Then he joked, 'I have no coins in my pocket.'
The Treasury Department, though, later declined to comment.
We think it's ludicrous, and Rep. Greg Walden (D-Oregon) says he will quickly introduce a bill to kill any possibility of a trillion dollar coin happening. But it's pretty sad that given the state of affairs in our nation such a wild notion could even be seriously considered.