White House Shoots Down Trillion Dollar Coin

The White House has announced they will not mint the coin in order to avoid a debt-ceiling fight. What was once a viral idea on the Internet, then became a viable solution even floated by Paul Krugman. Opponents say that the coin skips out Congress, and would be wildly inflationary. However, the bills have been passed by Congress. So, it is Congress’s obligation to pay the bills. Also, the United States Code says that the Department of Treasury can mint a coin of whatever denomination it chooses. Proponents of the measure say that it would not affect inflation at all because all it would do is deposit into the Treasury.

About Tyler

Tyler is the chief media reporter for TKNN, with the news organization since its founding in November of 2010. He has previously served as chief political reporter and chief political anchor for TKNN.

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