Treasury Sec Yellen warned that U.S. is facing catastrophic debt crisis if lawmakers fail to raise the borrowing limit, saying the country would face a spiraling recession.
“It would be devastating,” Yellen said. “It’s a catastrophe. Of course, it makes me nervous.”
Know what else makes me nervous? How this article frames this as a “compromise” issue. No. It’s a GOP issue. It’s on them. #DebtCeiling
https://thehill.com/policy/finance/3834948-yellen-nervous-about-us-defaulting-on-debt/
@GottaLaff the same Yellen who pretend the platinum coin is not legal. She is part of the con. #MintTheCoin
Congress, not the Treasury, is assigned the authority "To coin Money, regulate the Value thereof, and of foreign Coin, and fix the Standard of Weights and Measures;"
For the Treasury to unilaterally coin a platinum coin without authorization would be clearly illegal.
@volkris congress already HAS authorized the minting of platinum coins
https://www.theatlantic.com/ideas/archive/2023/01/congress-debt-ceiling-trillion-dollar-coin-us-mint/672814/
The different branches of the US government can't trade their constitutional roles by law.
Congress, for example, can't make the Speaker and Majority leader take the place of the Supreme Court just by passing a bill, in contradiction of the Constitution.
For the same reason legislation can't transfer Congress's authority to mint money over to the Executive Branch.
So, while Congress may authorize the minting of (fine) specific platinum coins, it cannot legislatively give unbound minting authority to the Executive.
Such legislation would be invalid under the Constitution that puts that in the hands of Congress.
Right, and firstly, legislators involved have been quoted as saying they intended the permission to be basically for non-circulated collector's items, not actual money,
And second of all, when I point out that legislation can't override the Constitution, you don't actually make any progress by pointing out the legislation that can't override the Constitution.
@volkris 5112(k) as originally enacted by Public Law 104-208 in 1996:
The Secretary may mint and issue bullion 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.
https://en.wikipedia.org/wiki/Trillion-dollar_coin#:~:text=5112(k)%20as%20originally%20enacted,prescribe%20from%20time%20to%20time.