The White House ruled out minting a trillion dollar platinum coin to defuse the crisis over the debt ceiling, saying Saturday that Congress must act to avert an unprecedented default.
“There are only two options to deal with the debt limit: Congress can pay its bills or it can fail to act and put the nation into default,” said White House Press Secretary Jay Carney in a statement that came shortly after a Treasury spokesman put the kibosh on the coin in a statement to The Washington Post.
“When Congressional Republicans played politics with this issue last time, putting us at the edge of default, it was a blow to our economic recovery, causing our nation’s credit rating to be downgraded,” Carney added. “The President and the American people won’t tolerate Congressional Republicans holding the American economy hostage again simply so they can force disastrous cuts to Medicare and other programs the middle class depend on while protecting the wealthy. Congress needs to do its job.”
Despite the announcement, Rep. Greg Walden, R-Ore., tweeted his intent to continue his effort to pass legislation to close the platinum coin loophole. Under current law, the secretary of the Treasury can mint coins of any denomination as long as they are made of platinum.
Read More: http://www.rollcall.com