{"id":827346,"date":"2021-09-29T10:44:26","date_gmt":"2021-09-29T14:44:26","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=827346"},"modified":"2021-09-29T10:44:28","modified_gmt":"2021-09-29T14:44:28","slug":"some-democrats-want-to-mint-a-1-trillion-platinum-coin-to-prevent-debt-crisis","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/some-democrats-want-to-mint-a-1-trillion-platinum-coin-to-prevent-debt-crisis\/","title":{"rendered":"Some Democrats Want To Mint A $1 Trillion Platinum Coin To Prevent Debt Crisis"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">28<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fsome-democrats-want-to-mint-a-1-trillion-platinum-coin-to-prevent-debt-crisis%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=827346&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><div><img decoding=\"async\" src=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-content\/uploads\/2021\/09\/Rashida-Tlaib.jpg?w=1200&amp;h=800&amp;ixlib=react-9.3.0\" class=\"ff-og-image-inserted\" \/><\/div>\n<p><span>Some Democrats want to mint a $1 trillion platinum coin to avoid a potential debt crisis.<\/span><\/p>\n<p><span>Two years ago, Congress <\/span><a href=\"https:\/\/www.dailywire.com\/news\/democrats-will-vote-to-suspend-government-debt-ceiling\"><span>suspended<\/span><\/a><span> the debt ceiling \u2014 which bars the federal government from assuming a certain level of national debt \u2014 until August 2021. Because Congress has so far failed to vote on continuing the suspension or increasing the limit, Treasury Secretary Janet Yellen is <\/span><a href=\"https:\/\/www.nytimes.com\/2021\/09\/28\/business\/economy\/yellen-powell-senate.html\"><span>warning<\/span><\/a><span> that the federal government will run out of money on October 18.<\/span><\/p>\n<p><span>As a result, some Democrats are resurrecting a proposal to mint a $1 trillion coin made of platinum and deposit it at the Federal Reserve \u2014 an accounting trick that would theoretically retire $1 trillion in government debt.<\/span><\/p>\n<p><span>As <\/span><a href=\"https:\/\/www.newsweek.com\/dems-revive-controversial-1t-platinum-coin-raise-debt-ceiling-feud-gop-1633568\"><span>Newsweek<\/span><\/a><span> explains:<\/span><\/p>\n<blockquote readability=\"20\">\n<p><i><span>The idea of minting a trillion-dollar commemorative coin to shore up the nation\u2019s finances comes from an obscure law that gives the U.S. Treasury Secretary the authority to \u201cmint and issue platinum bullion coins and proof platinum coins in accordance with such specifications, designs, varieties, quantities, denominations, and inscriptions as the Secretary, in the Secretary\u2019s discretion, may prescribe from time to time.\u201d<\/span><\/i><\/p>\n<p><i><span>Proponents have picked up on the \u201cdenominations\u201d note there, arguing that any amount could be minted at a normal coin size and deposited into the Federal Reserve to prevent a national debt crisis.<\/span><\/i><\/p>\n<\/blockquote>\n<p><span>The prospect of a trillion-dollar coin is not new. President Obama explained in a 2017 interview that his advisers briefly considered minting the coin amid debate over the 2013 debt crisis.<\/span><\/p>\n<p><span>\u201cThere was this theory that I had the authority to issue through the mint this massive $1 trillion coin and on that basis we could try to pay off US Treasurys,\u201d Obama <\/span><a href=\"https:\/\/www.businessinsider.com\/obama-mint-trillion-dollar-coin-scariest-night-debt-ceiling-2017-1\"><span>said<\/span><\/a><span> on Pod Save America. \u201cIt was a very realistic possibility that we couldn\u2019t get the votes for that and we couldn\u2019t get those debts rolled over and we would be in a situation where we were technically in default. At that point, you were in uncharted territory.\u201d<\/span><\/p>\n<p><span>As the controversy over the federal government\u2019s solvency emerges again, Rep. Rashida Tlaib (D-MI) <\/span><a href=\"https:\/\/twitter.com\/RashidaTlaib\/status\/1442852913915826187\"><span>tweeted<\/span><\/a><span> \u201c#MintTheCoin\u201d \u2014 a hashtag that was used by proponents of the coin during the Obama-era debt crisis. Progressive economist Paul Krugman, for example, <\/span><a href=\"https:\/\/www.morningbrew.com\/daily\/stories\/2021\/09\/24\/the-legend-of-the-usd1-trillion-platinum-coin\"><span>argued<\/span><\/a><span> in 2013 that \u201cif we have a crisis over the debt ceiling, it will be only because the Treasury Department would rather see economic devastation than look silly for a couple of minutes.\u201d<\/span><\/p>\n<p><span>As of two weeks ago, the Biden administration has rejected the measure. White House spokesperson Mike Gwin told <\/span><a href=\"https:\/\/www.politico.com\/newsletters\/west-wing-playbook\/2021\/09\/14\/bruce-reed-summoner-of-the-techlash-494324\"><span>Politico<\/span><\/a><span> that \u201cthere is only one viable option to deal with the debt limit: Congress needs to increase or suspend it, as it has done approximately 80 times, including three times during the last Administration.\u201d<\/span><\/p>\n<p><i><span>The Daily Wire is one of America\u2019s fastest-growing conservative media companies and counter-cultural outlets for news, opinion, and entertainment. Get inside access to The Daily Wire by becoming a <\/span><\/i><a href=\"https:\/\/www.dailywire.com\/subscribe\"><i><span>member<\/span><\/i><\/a><i><span>.<\/span><\/i><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Some Democrats want to mint a $1 trillion platinum coin to avoid a potential debt crisis.Two years ago, Congress suspended the debt ceiling \u2014 which bars the federal government from &#8230;<\/p>\n","protected":false},"author":1,"featured_media":2315279,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"","fifu_image_alt":"","footnotes":""},"categories":[],"tags":[],"class_list":["post-827346","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry"],"_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/827346","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=827346"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/827346\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2315279"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=827346"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=827346"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=827346"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}