White House: $1 trillion coin off table
The trillion-dollar coin is officially off the table.
White House spokesman Jay Carney saidSaturday that the Obama administration would not consider minting the platinum coin as an end-around the debt ceiling fight with Republicans in Congress.
Carney, according to the Associated Press, said the only two ways forward are for Congress to pay the bills for spending it authorized, or to push the country into a default.
“The President and the American people won’t tolerate Congressional Republicans holding the American economy hostage again simply so they can force disastrous cuts to Medicare and other programs the middle class depend on while protecting the wealthy,” Carney said in a statement. “Congress needs to do its job.”
A loophole in a law designed to cover collectible coins provides the Treasury secretary with authority to mint platinum coins in any denomination.