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Trillion-dollar-coin idea is back as wacky way to prevent financial disaster
By Chris Isidore
CNN, New York
Saturday, September 25, 2021
NEW YORK -- If it's debt ceiling crisis season, then it's also time for the craziest solution to the problem: Getting President Joe Biden to issue a $1 trillion coin.
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.
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A U.S. 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. Treasury Secretary Janet Yellen has predicted a "widespread economic catastrophe" if the debt ceiling isn't raised, with millions of Americans suddenly strapped for cash.
America is in danger of that scenario if a deadlocked Congress won't raise the debt ceiling in time. The $1 trillion coin solution could effectively bypass Congress.
The president does have a clear power to issue such commemorative coins, which are typically in denominations of $10 or $5, and are sold by the U.S. Mint to coin collectors. ...
Some advocates of the plan argue there is no limit on the value of those coins, so a president has the clear power to issue a $1 trillion coin, or even a $100 trillion coin. But opponents argue that would be such gross overreach as to prompt impeachment. ...
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