Oregon congressman wants to stop $1 trillion coin - KPTV - FOX 12

Oregon congressman wants to stop $1 trillion coin

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PORTLAND, OR (AP) -

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.

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