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Thursday, January 10, 2013

Why the Treasury Won't Mint a Trillion-Dollar Coin

This afternoon Chuck Todd of NBC News finally asked the question that a handful of political dorks have been dying for the White House to address: Would Obama consider minting a $1 trillion platinum coin (as the law allows) to avoid default on the U.S. debt if Republicans refuse to raise the debt limit?
Press secretary Jay Carney was a bit squirrelly, leaving the impression that Obama would not agree to this but referring questions to the Treasury, which has the authority to mint coins. Earlier today, a source close to Treasury secretary Tim Geithner told me that Geithner is very skeptical of the idea.


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