Home News Yellen Says Debt Ceiling Hike ‘Utterly Essential’, Opposes Platinum Coin ‘Gimmick’

Yellen Says Debt Ceiling Hike ‘Utterly Essential’, Opposes Platinum Coin ‘Gimmick’

October 5, 2021

by Reuters Staff
Reuters.com

(Reuters) – U.S. Treasury Secretary Janet Yellen on Tuesday said it was “utterly essential” for Congress to lift the federal debt limit ahead of an Oct. 18 deadline to avoid U.S. default, but added that she opposes using a loophole in U.S. currency law to resolve the crisis.

Yellen told CNBC in an interview that she opposes the minting of a $1 trillion platinum coin to resolve the crisis.

The idea comes from a legal loophole that allows the Treasury to mint platinum coins in any denomination it chooses. Some progressive commentators and Democratic lawmakers have suggested minting one or more $1 trillion coins to break an impasse in which Republicans have refused to support an increase in the $28.4 trillion debt ceiling.

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