The GOP bid to ban the absurd trillion-dollar-coin trick
Liberals are floating an unorthodox plan to borrow more money without a fight over raising the debt ceiling. Conservatives are not pleased
With a showdown over raising the $16.4 trillion debt ceiling looming, a growing number of liberals are urging President Obama to play hardball and simply borrow more money without asking for Congress' permission. One implausible but increasingly popular proposal: Obama should just tell the Treasury Department to use its authority to mint coins, stamp out one or two platinum pieces worth $1 trillion, then plunk them into the government's coffers to provide what's needed to continue paying the bills. Republicans, of course, are putting their collective foot down. Rep. Greg Walden (R-Ore.) is introducing a bill that would ban Obama from using the platinum coin option, calling the trick an "absurd and dangerous" way to balance the federal government's books.
Walden's bill won't become law, says Allahpundit at Hot Air. It might pass the Republican-controlled House, but then it would be "DOA in the Senate," where Harry Reid and his fellow Democrats run things. Still, "the point isn't to get it passed, it's to give it enough attention" to force Obama to explain why his allies are discussing such a nutty scheme with a straight face.
The GOP probably would have been better off ignoring the coin idea, says David Weigel at Slate. It's pretty obvious that Walden's bill is nothing but a "counter-stunt" — and one that's just as silly as the proposal to mint the coin, which is more "a piece of performance art" than a serious policy proposal.
Subscribe to The Week
Escape your echo chamber. Get the facts behind the news, plus analysis from multiple perspectives.
Sign up for The Week's Free Newsletters
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
Obviously, "the idea of minting a trillion dollar coin is completely absurd," says Jed Lewison at Daily Kos. "But it's a heck of a lot less absurd than allowing Republicans to tank the national and global economy over a budget fight." Especially since Obama is only trying to find a way to pay for spending Congress itself has already authorized, rather than using the threat of pushing the federal government into default and ruining the economy to score political points.
Create an account with the same email registered to your subscription to unlock access.
Sign up for Today's Best Articles in your inbox
A free daily email with the biggest news stories of the day – and the best features from TheWeek.com
Harold Maass is a contributing editor at The Week. He has been writing for The Week since the 2001 debut of the U.S. print edition and served as editor of TheWeek.com when it launched in 2008. Harold started his career as a newspaper reporter in South Florida and Haiti. He has previously worked for a variety of news outlets, including The Miami Herald, ABC News and Fox News, and for several years wrote a daily roundup of financial news for The Week and Yahoo Finance.
-
Sydney mall attacker may have targeted women
Speed Read Police commissioner says gender of victims is 'area of interest' to investigators
By Julia O'Driscoll, The Week UK Published
-
Kerala: one Indian state, four exhilarating ways
The Week Recommends The southwestern region pretty much has it all, from beachfront, to port metropolis, to verdant mountainside
By Scott Hocker, The Week US Published
-
Is a high-yield savings account worth having?
The Explainer They can pay up to 10 times more than a standard savings account
By Becca Stanek, The Week US Published
-
Arizona court reinstates 1864 abortion ban
Speed Read The law makes all abortions illegal in the state except to save the mother's life
By Rafi Schwartz, The Week US Published
-
Trump, billions richer, is selling Bibles
Speed Read The former president is hawking a $60 "God Bless the USA Bible"
By Peter Weber, The Week US Published
-
The debate about Biden's age and mental fitness
In Depth Some critics argue Biden is too old to run again. Does the argument have merit?
By Grayson Quay Published
-
How would a second Trump presidency affect Britain?
Today's Big Question Re-election of Republican frontrunner could threaten UK security, warns former head of secret service
By Harriet Marsden, The Week UK Published
-
'Rwanda plan is less a deterrent and more a bluff'
Instant Opinion Opinion, comment and editorials of the day
By The Week UK Published
-
Henry Kissinger dies aged 100: a complicated legacy?
Talking Point Top US diplomat and Nobel Peace Prize winner remembered as both foreign policy genius and war criminal
By Harriet Marsden, The Week UK Last updated
-
Trump’s rhetoric: a shift to 'straight-up Nazi talk'
Why everyone's talking about Would-be president's sinister language is backed by an incendiary policy agenda, say commentators
By The Week UK Published
-
More covfefe: is the world ready for a second Donald Trump presidency?
Today's Big Question Republican's re-election would be a 'nightmare' scenario for Europe, Ukraine and the West
By Sorcha Bradley, The Week UK Published