The consequences of failing to extend the country’s borrowing limit are catastrophic, the president said just after the House vote on Tuesday, and he simply won’t negotiate over it. Obama won’t negotiate over the debt limit, aides say, because he is determined to break the cycle of using the country’s borrowing limit as a bargaining chip.What does that mean, "won't negotiate"?
“I will not have another debate with this Congress over whether or not they should pay the bills that they’ve already racked up through the laws that they passed,” Obama said. “Let me repeat: We can’t not pay bills that we’ve already incurred. If Congress refuses to give the United States government the ability to pay these bills on time, the consequences for the entire global economy would be catastrophic — far worse than the impact of a fiscal cliff.”
Read more: http://www.politico.com/story/2013/01/obamas-debt-ceiling-gambit-85755.html
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There is the idiotic idea about minting a $1 trillion dollar coin. Whoever says this is an idiot, and it is time to start calling these people out.
"The 'Trillion Dollar Coin' Is No More Absurd Or Outrageous Than The Republican Threat To Put The U.S. Into Default"
Henry Blodget, you are an idiot.
Suddenly, Lots Of Influential People Are Talking About The Trillion Dollar Coin Idea To Save The Economy
Joe Weisenthal, you are an idiot.
How could Washington avoid a debt ceiling default? Mint a few trillion dollar platinum coins. Seriously
James Pethokoukis, you are an idiot
Debt in a Time of Zero
Paul Krugman, you are an idiot. (At least he calls it "a gimmick", but he also says "the debt ceiling itself is crazy").
Looking to the next debt-ceiling fight, Nadler proposes a trillion-dollar coin trick
Rep. Jerrold Nadler, you are an idiot.
Why We Must Go Off the Platinum Coin Cliff
("If Republicans start issuing a list of demands that must be met before they will raise the debt ceiling, Obama should simply say that he will issue platinum coins as necessary to pay government bills if he cannot borrow").
Josh Barro, you are an idiot.
A Challenge to Business Insider and Huff Post
Bruce Krasting has his variation on the idea. ("I want to say in print that I will support the coin concept with all of the resources I can bring to bear. My plan: - Three coins are issued. Two for $500B; the other for a cool $1T. I would use these coins to extinguish $2T of debt.").
Bruce Krasting, you are an idiot. [Maybe he isn't serious. If so I will cut him a break.]
"The majority of suggestions see a $1 trillion coin. I suggest a $100
trillion coin, so the mythical federal debt disappears forever, never
again to rise from its stinking grave." [Actually, it would take just a few years to spend $100 trillion.]
Rodger Mitchell, you are an idiot.
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Of course, all these guys realize that it is a crazy idea, but they justify it as necessary to raise the debt limit.
So what are they really saying? That the President is allowed to spend whatever amount of money he wants, without any limitation by Congress. The only limitation would be having enough support in the Senate that he wouldn't get impeached and removed from office. So they are really saying that we need to have a dictator. Let's ignore the Constitution that gives "tax and spend" powers to Congress.
So seriously, you are advocating a totalitarian dictatorship? That makes you evil, not just an idiot. Idiots can be ignored, but evil people must be actively opposed.
Let's see how this plays out.
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See also:
No, a $1 Trillion Platinum Coin is Not Legal
Newt Gingrich: Debt Ceiling Is A 'Dead Loser'
Sorry Folks, The $1 Trillion Coin Is Unconstitutional
Putting a Trillion Dollars of Platinum in perspective
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How about a $1 Quadrillion Dollar coin?
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