U.S. Treasury Will Not Mint Trillion-Dollar Coins
By: NBC News
Updated: January 12, 2013
NBC NEWS -- The Washington Post is reporting that the treasury department will not mint any trillion-dollar platinum coins.
The idea had support among some democrats as a way of getting around a fight over increasing the debt ceiling.
A legal technicality allows the U.S. Treasury to mint platinum coins and assign them any value.
In that scenario, trillion dollar coins could be deposited at the federal reserve, and used by the treasury department to pay off debts.
Both the treasury department and federal reserve have rejected the idea.
The idea had support among some democrats as a way of getting around a fight over increasing the debt ceiling.
A legal technicality allows the U.S. Treasury to mint platinum coins and assign them any value.
In that scenario, trillion dollar coins could be deposited at the federal reserve, and used by the treasury department to pay off debts.
Both the treasury department and federal reserve have rejected the idea.
