White House Press Secretary Jay Carney said the president does not see an alternative to raising the debt limit. In a press conference on Wednesday, Carney indicated that a $1 trillion coin is not an alternative under review by the White House.
The White House on Wednesday sees little profit in the notion of minting $1 trillion platinum coin as an escape hatch to avoid a debt default if Congress balks at raising the U.S. debt limit.
With another standoff with Congress over raising the debt ceiling looming as early as mid-February, a petition on the White House website asks the administration to create a single platinum coin worth $1 trillion to avoid a stalemate over lifting the borrowing cap. The petition has garnered more than 7,100 signatures.
An asset of that value would place the United States well within its $16.4 trillion borrowing limits, the argument goes.