Senate Minority Leader Mitch McConnell has firmly dug in on refusing GOP help to renew the US's ability to pay off its bills, known as the debt ceiling. Instead, the Kentucky Republican said it's up to Democrats to raise it in order to finance their social spending plans on healthcare, education, and childcare.But the conundrum could have a coin-sized solution.
The Biden administration and Democrats are pressuring Republicans to back down, ruling out raising the debt limit on their own and reminding the GOP they played a role racking up $8 trillion in new debt under the Trump administration. There's no clear path out for lawmakers as they confront a barrage of deadlines this month, including another spending brawl that could end in a government shutdown.
"We were having these conversations with Jack Lew and others about what options in fact were available, because it had never happened before," Obama said, referring to the treasury secretary at the time."There were all kinds of wacky ideas about how potentially you could have this massive coin.
But, the debt limit requires yet another act of Congress to authorize the Treasury Department to actually borrow the money needed to pay for the spending lawmakers already authorized.
Truth is Joe The game was rigged from the start
Slip
Wait a minute, I've seen this episode.
PoliticsInsider Get rid of pennies would be a great start.
PoliticsInsider Didn’t they have a similar option under Obama when the debt was 16 trillion?
But is he, though?
LearnMMT DeficitMyth
I remember a similar idea being pitched when Obama was president and the GOP was holding government hostage (again)
Platinum is about $982 an ounce. You’d need a just under 32,000 ton platinum coin to get 1 trillion.
How runs America
Novel idea, but how about they remove pennies from circulation, melt them down and make 160% off each penny in scrap value.
This shit again?
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