By National Memo Staff

Should The White House Mint The Coin?

January 11, 2013 3:02 pm Category: Uncategorized Leave a comment A+ / A-
Should The White House Mint The Coin?

Should Obama Mint The Coin?

In the summer of 2011, House Republicans refused to raise the debt limit without an agreement that would guarantee a dollar in cuts for every dollar it was raised. This unprecedented threat to not pay for debts that Congress had already voted to incur eventually resulted in the first downgrade of the United State's credit rating in history. In February, we will hit the debt limit again and Republicans are demanding negotiations for a new debt deal. President Obama has said he will not negotiate this time.

One option to prevent a default on our nation's debt without negotiations would be minting a platinum coin worth $1 trillion, which many experts believe is legal due to a loophole in existing law. The coin that could be deposited in the Federal Reserve to pay our debts.

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