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Treasury: Trillion-dollar coin would not be legal
Saturday - 1/12/2013, 5:44pm EST
WASHINGTON (AP) - Forget about the government minting a $1 trillion coin to solve its debt-limit crisis.
Treasury Department spokesman Anthony Coley said Saturday that neither his department nor the Federal Reserve believes the law can or should be used to produce such a coin to avoid a coming battle with Congress over government borrowing.
Some of President Barack Obama's liberal allies have been promoting the coin strategy.
The government has reached its $16.4 trillion borrowing limit. By late February or early March, Treasury will run out of ways to cover debts and could begin defaulting on government loans.
White House spokesman Jay Carney says Congress has two options at its disposal: either pay the tab for its spending or send the nation into default, which would have serious economic consequences.
(Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)