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The White House Won’t Specifically Rule Out Minting the $1 Trillion Coin
During his daily briefing, White House Press Secretary Jay Carney was asked repeatedly about the $1 trillion coin option to raising the debt ceiling. Carney wouldn’t tip the president’s hand by saying yes or no.
Chuck Todd asked Carney about the trillion dollar coin, and he answered, “I would simply go back to what I said. The option here is for Congress to do it’s job and pay its bills. Bills that have already been racked up.” After Carney danced and reminded people about what the last debt ceiling crisis did to the economy, he was asked if the White House believed that they have the power to mint this coin. The Press Secretary answered, “There is no Plan B. There is no backup plan. There is Congress’ responsibility to pay the bills of the United States. This is not about future spending.” Carney was asked a third time, and he answered this is no option other than Congress doing its job. When Carney was asked if he would totally rule it out, he said, “You can 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.”
I believe that would be a no. The $1 trillion coin is not ruled out.
Like any good negotiator the president isn’t going to rule anything out at this stage. The White House is not about to give House Republicans a potential way out of this mess besides raising the debt ceiling on their own. It was telling that Carney quickly and specifically ruled out using the 14th Amendment, but he would not do the same for the trillion dollar coin.
The press secretary said numerous times that the only option on the table was for Congress to pay their bills by raising the debt ceiling. If Obama would announce tomorrow that he is going to act unilaterally and mint the coin, the political backlash could be huge for both the president and the Democratic Party. The president has built his popularity on being willing to move to the middle and listen. Even if the White House is considering minting the coin, it would be best if they kept quiet, and used it as an option of dead last resort.
The Obama administration is determined not to help the Republicans get out of their latest debt ceiling mess. If House Republicans knew that the coin option was on the table, they would ratchet up the crisis and put the pressure on Obama to mint the coin and deal with the consequences of his action.
The White House is keeping all the pressure on House Republicans, and their unwillingness to tip their hand reveals an administration that is in control of and setting the conditions for the resolution to the latest manufactured Republican fiscal crisis.
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12 Responses to The White House Won’t Specifically Rule Out Minting the $1 Trillion Coin
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Reynardine
Jan. 9th, 2013 at 4:47 pm
Even platinum, how could a coin small enough to be portable actually be worth…
Kevin Shinn
Jan. 9th, 2013 at 5:24 pm
It’s a “commemorative coin” of which they speak; a loophole in the law authorizing such supposedly allows the denomination to freely chosen.
Kevin Shinn
Jan. 9th, 2013 at 5:29 pm
Futzin’ Swypin’ on a mobile… “to BE freely chosen,” I should like to say.
Middle Molly
Jan. 9th, 2013 at 4:53 pm
I hope your interpretation is right.
The only real solution to this crap is to get rid of the Republican control of the House come 2014, and that is going to be tough… But it is doable. Michelle Bachmann, for instance, won by a fraction of a percent, I believe, just a few thousand votes.
2014 needs to start now for all of us!
Rho
Jan. 9th, 2013 at 5:42 pm
already working on that here in NW FL… drummondforcongross.org
djchefron
Jan. 9th, 2013 at 5:00 pm
It wont fly.Of course the Administration is going to dance around the issue.Remember the President is a Constitutional scholar and he knows that if he did it the courts would strike him down and instead of the pressure being on congress to pay its bills the headlines would be screaming black president printing his own money to please his base accompanied with pics like this.
img577.imageshack.us/img5...
Here is the article in question
U.S. Constitution – Article 1 Section 8
To coin Money, regulate the Value thereof, and of foreign Coin, and fix the Standard of Weights and Measures;
www.usconstitution.net/xc...
djchefron
Jan. 9th, 2013 at 6:34 pm
Theres been some discussion that congress can delegate its power.Now it gets murky and sets up a constitutional fight
DELEGATION OF LEGISLATIVE POWER
The History of the Doctrine of Nondelegability
The Supreme Court has sometimes declared categorically that “the legislative power of Congress cannot be delegated,”51 and on other occasions has recognized more forthrightly, as Chief Justice Marshall did in 1825, that, although Congress may not delegate powers that “are strictly and exclusively legislative,” it may delegate “powers which [it] may rightfully exercise itself.”52 The categorical statement has never been literally true, the Court having upheld the delegation at issue in the very case in which the statement was made.53 The Court has long recognized that administra- tion of the law requires exercise of discretion,54 and that “in our increasingly complex society, replete with ever changing and more technical problems, Congress simply cannot do its job absent an ability to delegate power under broad general directives.”55 The real issue is where to draw the line. Chief Justice Marshall recognized “that there is some difficulty in discerning the exact limits,” and that “the precise boundary of this power is a subject of delicate and difficult inquiry, into which a court will not enter unnecessarily.”56 Accordingly, the Court’s solution has been to reject delegation challenges in all but the most extreme cases, and to accept delegations of vast powers to the President or to administrative agencies.
law.onecle.com/constituti...
djchefron
Jan. 9th, 2013 at 7:27 pm
Here is a good read on the legality of the coin.I dont agree but one thing for sure, if it came down to a Supreme court case,get your popcorn ready
The Clear Legality of the Platinum-Coin Solution
prospect.org/article/clea...
mjh
Jan. 9th, 2013 at 10:09 pm
Meh — FORGET minting a $1 trillion coin . . .
They need to print the $1 trillion BILL.
Think about it: the coin could get lost . . . drop down down a sewer grate . . . lost in the sofa cushions . . . put in a vending machine by mistake — any number of things.
The $1T bill, OTOH, will be much safer in the wallet. :)
.
charlie
Jan. 10th, 2013 at 10:41 am
Nah…the coin should have gold foil on the outside and milk chocolate inside.
Clowns to the left of me, jokers to the right…
Shiva (Moderator)
Jan. 10th, 2013 at 11:39 am
For once you get an upvote from me
charlie
Jan. 10th, 2013 at 1:27 pm
Ha! Scooooooooore!