US Treasury Dept. won’t mint $1 trillion platinum coin to avoid debt

Washington, Jan 13: The Obama administration has ended speculation that it would mint a trillion-dollar platinum coin as a way to avoid the debt ceiling.

Treasury Department spokesman Anthony Coley said the agency would not mint one and the Federal Reserve would not accept the coin.

Coley said that neither the Treasury Department nor the Federal Reserve believes that the law can or should be used to facilitate the production of platinum coins for the purpose of avoiding an increase in the debt limit, Fox News reports.

According to the report, his statement was followed by one from White House Press Secretary Jay Carney.

Carney said that there were only two options to deal with the debt limit: Congress can pay its bills or it can fail to act and put the nation into default.

Though the idea seemed far fetched when it recently resurfaced, the Obama administration appeared to add speculation by not dismissing the idea outright, the report said.

On Wednesday, Carney said there was no ‘Plan B’ on the debt ceiling but didn’t totally rule out the platinum coin, the report added. (ANI)