There is no plan to mint trillion-dollar coins to pay the federal government's debt, and Congressman Greg Walden wants to keep it that way.
The Oregon Republican said Monday he will introduce a bill to prevent a maneuver that has been suggested by a New York congressman and debated in multiple media reports.
A legal loophole allows the U.S. Treasury to mint platinum coins in whatever denomination it chooses -- even $1 trillion. Minting such high-value coins to pay the government's bills would allow President Obama to sidestep a showdown with Republicans over the federal debt ceiling.
Although the coin idea has yet to gain any political traction, Walden says the scheme is dangerous and he's introducing the bill "to stop it in its tracks."
Copyright 2012 The Associated Press. All rights reserved.
Sunday, August 31 2014 12:03 PM EDT2014-08-31 16:03:07 GMT
Oregon State Police is continuing their investigation involving a single vehicle crash along I-5. The crash occurred Saturday afternoon at the Speaker Road interchange near Wolf Creek in Josephine County. AccordingMore >
Oregon State Police are continuing their investigation involving a single vehicle crash along I-5.More >
Sunday, August 31 2014 1:24 PM EDT2014-08-31 17:24:48 GMT
Beaverton High School student Dane Johnsen, was left speechless after he saw the damage that some vandals caused to his high school. "It looked like someone took buckets of paint and just dumped it allMore >
Beaverton High School student Dane Johnsen, was left speechless after he saw the damage that some vandals caused to his high school.More >
Sunday, August 31 2014 10:38 PM EDT2014-09-01 02:38:10 GMT
Silverton police are still searching for Jason Clifford Down, who is the main suspect in a fatal shooting Saturday afternoon. Police responded to shots fired in the 200 block of Olson Rd at 3:44pm. ItMore >
Detectives identified the victim who was shot and killed in Silverton on Saturday as 50-year-old Cassandra Wagner.More >