Can a Single Trillion-Dollar Coin Save the US From Default? – By Rob Garver (VOA News) / Oct 7 2021
WASHINGTON — After bringing the United States to within two weeks of a potential debt default, Congress late Wednesday was on the verge of a deal that would avert the crisis through November by passing a small increase of the limit on how much the federal government is allowed to borrow.
The measure would do nothing to bridge the serious divide between Democrats and Republicans over how to avoid a default on the country’s debts over the longer term. It would also make it likely that by mid-November lawmakers will be dug in on the same battle lines.
That means that the Biden administration and its Democratic congressional allies will be back in crisis mode, looking for ways to avoid a catastrophic default on the country’s financial obligations.
When that happens, one unconventional option that has gained support in recent weeks is likely to be back in the mix: minting a $1 trillion platinum coin to provide the Treasury with the funds it needs to pay the country’s bills in the coming months.
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