As talks over the US debt ceiling continue, some are pushing the idea that the president can issue a $1 trillion “commemorative” coin to allow the government to keep paying its bills
The idea, which has been around for about a decade, is that the president can issue a $1 trillion"commemorative" coin, deposit it with the Federal Reserve, and allow the government to keep paying its bills. A US government default on its debt would deal a body blow to the economy, resulting in widespread job losses, higher interest rates and economic pain that would last for years.
This theory [was] that I had the authority to just issue this massive trillion dollar coin, a trillion dollar commemorative coin, and then on that basis we could pay off US Treasuries."What experts sayFew serious economists actually advocate for the coin solution.
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