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$1 trillion coin? Unlikely, says White House (+video)

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. 

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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.

 
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