The Biden administration could sidestep McConnell's refusal to pay America's bills by minting a $1 trillion platinum coin (WTH?)

Yahoo ^ | Sunday (US) | Andy Kiersz,Joseph Zeballos-Roig

[Petrosius]

Congress can pass budgets that direct the government to spend a fixed amount of money across its departments and programs, and sets tax rates at particular levels to fund some of it. The gap between Congressionally mandated spending and Congressionally mandated revenues then needs to be paid for by borrowing money.

Has anyone thought of lowering spending to match income. This is what I have to do.

[kearnyirish2]

Right; unless there is $1 trillion worth of platinum in it, why bother?

We are devolving into Thirdworldism as our currency depreciates more quickly; we will be like India, where any unspent income is invested in gold just to attempt to hold its value. Eventually we’ll be Weimar Germany, where we’ll be paid twice per day (so you can shop at lunchtime before those wages lose value in the coming hours) and menu prices change as you eat in restaurants...

[Stosh]

“This was obamas idea, wasn’t it?”

From Wikipedia: “The trillion-dollar coin is a concept that emerged during the United States debt-ceiling crisis in 2011, as a proposed way to bypass any necessity for the United States Congress to raise the country’s borrowing limit, through the minting of very high-value platinum coins. The concept gained more mainstream attention by late 2012 during the debates over the United States fiscal cliff negotiations and renewed debt-ceiling discussions.”

Apparently whenever the donkey party is having some problems convincing the GOP to be complicit in their degradation of the currency they figure they can drag out this stupid “supercoin” as some kind of talisman to move them along on their merry way to more fiscal stupidity.

[Flying Circus]

Legally they could just mint $1T coins to pay off debts. But do that for very long and food will be priced in the $1000s.

[Georgia Girl 2]

What else is new? Every dollar created by the Federal Reserve is made out of thin air. This is not shocking. We are bankrupt folks. Raise your hand if you think we are going to pay off the national debt of $30 trillion. What’s another trillion?

[DoodleDawg]

This insane idea has been floated for a couple of years now. It’s not going to happen.

[clearcarbon]

"The Biden administration could sidestep McConnell's refusal to pay America's bills by minting a $1 trillion platinum coin"

That's exactly the coin I'd expect biden to try to throw across the Potomac River.

[DoodleDawg]

This was obamas idea, wasn’t it?

No. The media raised it during the 2011 debt limit debate but it goes back to 1992 when fringe candidate Bo Gritz proposed it.