What’s Biden’s mic drop if #GOP refuses to lift #debt ceiling? No good option, but I say mint the #TrillionDollarCoin. It is silly, but the most legally defensible move. Issuing more debt unilaterally (while claiming 14th amendment authority) would prompt litigation, create uncertainty, and scare investors. The coin’s case is not airtight (major questions doctrine, anyone?) but better than anything else, methinks. Thoughts? #DebtCeiling
It is up to Congress to authorize minting of money.
Really, all of these efforts to circumvent the democratic process are dangerous.
@volkris The argument is that Congress already has authorized the minting a such a coin--subsection k of the Coinage Act. The text is extremely clear; the authority granted is broad. You could say the GOP is already trying to circumvent the democratic process by themselves using a technicality (need to approve the debt the ceiling, which is basically a redundancy) to wiggle out of a budget that Congress already voted into law.
Yeah except for the minor detail that Congress did not authorize the minting.
This is the problem with trying to subvert the democratic process.
@volkris Here's the language that allows minting. Again, a trillion dollar coin is silly, but the minting is explicitly allowed: (k) The Secretary may mint and issue platinum bullion coins and proof platinum coins in accordance with such specifications, designs, varieties, quantities, denominations, and inscriptions as the Secretary, in the Secretary’s discretion, may prescribe from time to time.