Sun Jan 13, 2013, 09:45 AM
DonViejo (25,555 posts)
U.S. Treasury: $1 Trillion Platinum Coin Is Not An Option
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IGOR BOBIC, SATURDAY JANUARY 12, 2013
In a blow to the movement's supporters, the U.S. Treasury announced Saturday that it would not mint a $1 trillion platinum coin in order to ensure the nation's creditworthiness should Congress fail to raise the debt ceiling.
”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,” said Treasury spokesman Anthony Coley in a statement obtained by TPM.
The White House has also previously ruled out invoking the 14th Amendment to bypass Congress and raise the debt ceiling unilaterally.
"There is no backup plan," said White House Press Secretary Jay Carney earlier this week. "The only option is for Congress to do its job."
Read more: http://livewire.talkingpointsmemo.com/entry/us-treasury-1-trillion-platinum-coin-is-not
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U.S. Treasury: $1 Trillion Platinum Coin Is Not An Option (Original post)
|Old Union Guy||Jan 2013||#2|