Conquer Club

It refers to statutory language about which types of coins can legally be minted in the US, and it says the Treasury Department can mint a $1 trillion platinum coin, deposit it at the Federal Reserve, and then continue paying its bills as normal. It would allow Congress to sidestep the "debt ceiling," which Rep. Bill Foster of Illinois told Insider is a "silly rule that we make up for ourselves." The rule requires Congress to vote on raising the debt ceiling every time the US reaches its borrowing limit.

Democrats such as Michigan Rep. Rashida Tlaib and New York Rep. Jerry Nadler support minting the coin because it would avoid partisan fights that put the US at risk of a default that could have catastrophic consequences on the economy. Nobel prize-winning economist Paul Krugman just endorsed it in his New York Times column.

But with Psaki ruling out the possibility of minting a coin anytime soon, Democrats will likely have to scramble to come up with another way to raise the debt limit on a short timeline.

Treasury Secretary Janet Yellen told Congress last month they have until October 18 before the US goes into default on its debt, and Democrats are struggling to find a solution to prevent a default on their own.

http://www.businessinsider.com/mint-the ... 1-10%3famp