The Treasury Department will not mint a trillion-dollar platinum coin to get around the debt ceiling. If they did, the Federal Reserve would not accept it.
That’s the bottom line of the statement that Anthony Coley, a spokesman for the Treasury Department, gave me today. “Neither the Treasury Department nor the Federal Reserve believes that the law can or should be used to facilitate the production of platinum coins for the purpose of avoiding an increase in the debt limit,” he said.
And if you’re looking for other clever interventions, there aren’t going to be any:
As White House Press Secretary Jay Carney put it, “there are only two options to deal with the debt limit: Congress can pay its bills or they can fail to act and put the nation into default.”
There will be no end run around raising the debt ceiling, period. I think a lot of us wanted the Obama Administration to make the whole thing go away, but now we’re going to have an ugly showdown with possibly serious consequences for the economy and our children’s future, all because Republicans want to chisel a few more bucks out of the hands of the poors.