GOP lawmaker proposes ban on trillion dollar coin

Unless Congress and the president reach a budget deal by December 31, tax experts say 90 percent of American families will be faced with what they call "unprecedented tax increases." Wyatt Andrews reports on the penalties of going over the fiscal cliff.

Amid a smattering of calls for President Obama to skirt a looming debt ceiling fight by minting a couple of trillion-dollar coins, one Republican lawmaker says he's introducing a bill to make sure it doesn't happen.

Rep. Greg Walden, R-Ore., announced today that he plans to introduce a bill that would make it illegal to mint high-value platinum coins as a means to paying down government debt.

"Some people are in denial about the need to reduce spending and balance the budget. This scheme to mint trillion dollar platinum coins is absurd and dangerous, and would be laughable if the proponents weren't so serious about it as a solution. I'm introducing a bill to stop it in its tracks," he said in a statement. "My bill will take the coin scheme off the table by disallowing the Treasury to mint platinum coins as a way to pay down the debt. We must reduce spending and get our fiscal house in order."

Despite some recent talk of such a proposal, which is possible through a legal loophole that allows the Treasury to mint platinum coins in any denomination the secretary likes, it's unlikely Mr. Obama would move risk the political consequences that would go hand-in-hand with such a plan. But renewed calls by New York Times columnist Paul Krugman, who published an op-ed today entitled "Be Ready To Mint That Coin," seems to have reignited discussion about the discussion.

Krugman argues that minting the coin is an option that's "silly but benign," while the alternative -- another protracted fight over raising the debt limit -- would be "equally silly but both vile and disastrous."

"The decision should be obvious," he writes.

[gorgeousm]

More dishonest UNPRODUCTIVE efforts to evade and to avoid an honest and PRODUCTIVE existence for all sectors, and for all people in The United States.

[JWsOpEd]

If you outlaw platinum, they'll just use plastic. That'd more fit what it's really worth. Do you know the speed of light is about 5.865696 trillion miles a year?

My prediction is that as the spending of the dollar approaches the speed of light, the dollar will disintegrate. It has something to do with e=mc2 I think.

I'm not even sure why we have a congress. They should just do away with the house and senate. Obviously the president can just do whatever he wants to do anyway.

[3march]

Congress will stop the coin in its tracks! Of course, they'll need to get the Senate and the president on board, but that shouldn't be much of a problem.

[WhereisOT]

"This scheme to mint trillion dollar platinum coins is absurd and dangerous"

And yet weapons of mass murder used to rob Innocents of their lives are not..
Way to go...with so many issues at hand....no doubt the masses will sleep better knowing this bill will better their lives...

[seabass6251]

Caesar would be proud...

[pleaseletitbeso]

You still cannot spend your way out of debt

[TimeToEvolve]

The GOP used to be the Republican Party but then they sold out to the Wall Street billionaire, hook, line and sinker. They literally have done everything they could to make America fail all so they can blame the Democrats.

It's amazing the GOP is literally in cahoots to destroy everything that America has done for its people prior to Ronald Reagan.

[seabass6251]

"Ask not what your country can do for you - ask what you can do
for your country" - JFK

[TimeToEvolve]

Does anyone even listen to a nutcase like Walden? He is from an failed and obsolete party that has been wrong on pretty much every issue. The Republicon Party ran up the debt by starting fake wars and giving massive amounts of wealth to their Wall Street masters.

Obama needs to do what he needs to do to get around this half wit fools like Walden until they are all purged from government service.

[cubscout09]

As the head of the National Republican Congressional Committee,

[Mission Statement: The National Republican Congressional Committee (NRCC) is a political committee devoted to maintaining and increasing the 234-member Republican majority in the U.S. House of Representatives.]
http://www.nrcc.org/about/

Greg Walden is now in charge of the stable of stalking horses, straw men, false equivalencies; conspiracy theories; etc., that constitute the GOP platform.

[TimeToEvolve]

I think it is a good idea for Obama to try to circumvent the will of the Tea Baggers who do not represent most of the people (they represent the interests of only a small handful of Americans).

The Republicons spent us into the current situation and now want to hold America hostage for their actions. In fact they are literally insane and their is no reasoning with them. So go for it President Obama that is why we re-elected you.