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U.S. Rules Out Trillion-Dollar Coin in Debt Row
 [An Nahar] The B.O. regime on Saturday ruled out calls for minting a $1 trillion platinum coin to avert a crisis over the U.S. debt ceiling amid partisan bickering.That was whatcha might call a magnificently stoopid idea, wasn't it? The U.S. Treasury officially killed the idea, leaving Congress with the responsibility to increase the government's borrowing limit. "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 front man Anthony Coley said in a statement. The notion had already been put forward during the 2011 debt ceiling debacle, and was revived this year amid fears Congress will not clinch a deal and thus risk causing the United States to default on its bills and financial obligations. The United States hit its $16.4 trillion debt ceiling on December 31. The Treasury said it would adjust its handling of civil service pensions to keep operating under the borrowing limit without slashing federal spending, suggesting it could do this at least until the end of February. But President Barack Obama's Republicans can come along for the ride, but they've got to sit in the back... Republican foes are seeking spending cuts in exchange for a deal. Obama has warned Republicans against playing a "dangerous game" with the debt ceiling, arguing that raising the borrowing limit to pay the country's outstanding bills should not be a political football. White House front man Jay Carney put the Republicans on notice. "There are only two options to deal with the debt limit: Congress can pay its bills or it can fail to act and put the nation into default," Carney said. Posted by: Fred 2013-01-14 |
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