White House Won’t Rule Out $1 Trillion Coin Option
(WASHINGTON) -- The White House Wednesday would not flatly rule out the possibility of minting $1 trillion coins as a means for the Obama administration to pay its debt if Congress fails to raise the nation’s debt ceiling.
“There is no Plan B. There is no backup plan. There is Congress’ responsibility to pay the bills of the United States,” White House Press Secretary Jay Carney told reporters at the daily briefing.
Asked if the administration would fully rule out the coin idea, Carney deflected saying, “You could speculate about a lot of things.”
“Nothing needs to come to these kinds of…speculative notions about how to deal with a problem that is easily resolved by Congress doing its job, very simply,” he added.
Pressed further by ABC News’ Jon Karl on why the White House won’t offer a clear answer on the subject, Carney referred all questions to the Treasury Department.
“I answered it thoroughly,” he later joked. “And I have no coins in my pocket.”
If Congress fails to extend the U.S. debt limit, President Obama could ask the Treasury to begin printing the $1 trillion coins, which could then be used to fulfill the nation’s debt obligations.
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