GOP Rep. To Introduce Bill To Stop Treasury From Creating Trillion Dollar Coins

[DonViejo]

Source: TPM

Rep. Greg Walden (R-OR) on Monday announced that he will introduce a bill to stop the much-ballyhooed proposal for the U.S. Treasury Department to mint trillion dollar platinum coins in an effort to avoid the debt ceiling.

The statement:

“Some people are in denial about the need to reduce spending and balance the budget. This scheme to mint trillion dollar platinum coins is absurd and dangerous, and would be laughable if the proponents weren’t so serious about it as a solution. I’m introducing a bill to stop it in its tracks,” Rep. Walden said.

“My wife and I have owned and operated a small business since 1986. When it came time to pay the bills, we couldn’t just mint a coin to create more money out of thin air. We sat down and figured out how to balance the books. That’s what Washington needs to do as well. My bill will take the coin scheme off the table by disallowing the Treasury to mint platinum coins as a way to pay down the debt. We must reduce spending and get our fiscal house in order,” Rep. Walden said.

Within the last week, numerous media reports (example here) have suggested that the U.S. Mint could create trillion dollar platinum coins, which would then be deposited into the Federal Reserve to be used to pay the federal government’s bills or avoid hitting the debt ceiling. Rep. Jerrold Nadler, the ranking member of the Judiciary Committee’s Subcommittee on the Constitution, touted the proposal last week (storyhere). New York Times columnist and Princeton professor Paul Krugman suggested the idea in an article as well (click here). Other leaders in Washington, including House Minority Leader Nancy Pelosi, have urged the President to raise the debt limit unilaterally without permission from Congress.

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Read more: http://livewire.talkingpointsmemo.com/entry/gop-rep-to-introduce-bill-to-stop-treasury

[TwilightGardener]

1. Better fire up the mint pretty quick then.

[Flashmann]

2. Bill To Stop Treasury From Creating Trillion Dollar Coins

Wouldn't the bill proposed by this idiot,(GOP rep,idiot,toMAYto,toMAHto)have to get through the senate,then be signed by the VERY guy he wants to stop from using that tactic??

O.M.G...The stupid really does hurt!!

[Swede Atlanta]

9. Yes, this is going nowhere...

just like Michelle Bachmann introducing legislation to repeal the Affordable Care Act. She should be considered a traitor for using public money for something that is going nowhere.

But for this treasury coin making scheme, the bill would first have to be taken up in the House (not sure Boehner boy wants to bring forward this kind of crap so early in the new Congress) and pass there. Then it would have to go to the Senate where Majority Leader Reid would certainly not even bring it for a vote. Even if it was brought before the Senate, the Dems would never pass it. Even if it passed in the Senate the President would veto it and I doubt Congress could muster the 2/3 necessary for an override.

This is expensive theatrics. Guy is a traitor and should be hung at sunrise.

[RC]

38. Why wait that long? Why not sunset?

Guy is a traitor and should be hung at sunrise.

[NYC Liberal]

14. Unless he attaches it to some other bill that would be very difficult

to veto. You know like funding for supporting veterans or something.

[pasto76]

46. yeah, not so much

since bills funding veterans programs havent had much luck getting out of the House. And the senate doesnt fight very hard to beat a filibuster threat.

[Gman]

17. Yeah but he made headlines

which is a lot of what this is about.

[indepat]

27. So the idea is to pass law abrogating any clause of the Constitution you might not like.

How juvenile and absurdly asinine.

[meegbear]

3. Alice Cooper was on the billion dollar bill ...

I wonder who'd be on the trillion?

[the_chinuk]

4. As an Oregonian, I'd like to say, that I do not claim this man.

He's from the (geographic) 2/3rds of Oregon that, for some reason, thinks Republicans are honorable truth-tellers. He doesn't represent the smarter part of the state.

We keep hoping the rest of our state gets with the brain program, but you know, they're our fellow Oregonians. We love them anyhow.

[kentauros]

42. If you can do that,

then those of us in the south can do the same with our dimwit R's

[BumRushDaShow]

5. The GOP = the KKK. n/t

[brooklynite]

6. Next up: the $999,999,999,999 coin...

[grantcart]

8. lol

[SoapBox]

19. Would that be a version of an Allen West coin?

[marble falls]

7. How about a bill to keep Republicans from waging unpaid for wars and Medicare Drug benefits.

[The CCC]

10. GOP Rep. To Introduce Bill To Stop Treasury From Creating Trillion Dollar Coins

It is an act of treason to call into question the full faith and credit of the US. Since Republicans are so all fired happy to keep GITMO open. That's a good place for them.

[broadcaster75201]

11. Wow. They're scared? Amusing N/t

nt

[Volaris]

26. That's just what I was thinking lol...

seems we have struck a bit of a nerve with this....

[eggplant]

12. And I thought Krugman was kidding.

Ouch. The stupid. It burns.

I think O should do it purely as a fuck you move.

[1StrongBlackMan]

13. I always amazes me when: ...

One a politician/citizen attempt to argument national fiscal policy by citing to their private business or their household finances ... without recognizing that the comparators have very little in common. I general request that they educate themselves by using the google to learn about "Sovereign Currency."

Further, I am amazed where these same people argue against "creat(ung)/printing money out of thin air" ... without recognizing that business (specifically, banking) is the inventor of "creating money out of thin air" (see fractional reserve requirement).

[Ikonoklast]

22. Guys like that actually think that banks only lend against the assets of depositors.

It is amazing how so many are so clueless about basic stuff like fractional lending.

And it is indeed creating money out of vapor, and perfectly legal.

[1StrongBlackMan]

24. Yep ...

I would love for mschool boards, across the country, to revise their 6-12th grade curricula to include Financial Literacy ... then, maybe we would be having fewer discussions like this.

[Ikonoklast]

25. Funny you posted that, one of the classes required for graduation by my high school

included one quarter on basic principles of government finance, taxation and our banking system, as part of the required course in American Government.

If you didn't pass AG, you flunked the year, no matter what you did on your other classes; it was a required 'pass' to graduate.

They offered it both junior and senior year, and every summer school session, so students had plenty of tries to pass it.

[1StrongBlackMan]

33. Sadly ...

your school district seems tpo be in the vast minority. My school ... way back in the 70's ... had a government course (Civics), but was just a little more in-depth than that School Rock animated video of "Bill."

[Ikonoklast]

35. I'd settle for most citizens even knowing that nuch!

But, yeah, we still have pretty good school system, it's one thing that is still run fairly well in our city.

[shawn703]

15. Can someone explain how this "trillion dollar coin" idea would work?

Would depositing it at the Fed in essence knock down the national debt a trillion dollars somehow? If it wouldn't hurt the economy any, why not mint a $16.4 trillion dollar coin and deposit it at the Fed?

[Sekhmets Daughter]

30. This might help...

http://www.economist.com/blogs/freeexchange/2011/07/so-crazy-it-just-might-work

[jeff47]

37. Sure

Would depositing it at the Fed in essence knock down the national debt a trillion dollars somehow?

Theoretically, it could. What it would probably be used for is to finance future spending.

If it wouldn't hurt the economy any, why not mint a $16.4 trillion dollar coin and deposit it at the Fed?

Because adding that much money would probably cause hyperinflation. $1 Trillion isn't likely to be a problem, since we could use some inflation right now to get out of the zero lower bound. But the entire debt would probably cause too much inflation.

[CreekDog]

16. let me guess: those in favor want us to return to the gold standard

[TygrBright]

18. Best laugh I've had all day. This level of dumb is off the charts.

We need new charts every year the GOP controls Congress...

amusedly,
Bright

[reverend_tim]

20. There is a Republican from OR, I thought they were extinct

It should be a three headed coin, Regan on one side, and the Bushes on the other.

[Volaris]

28. lol do you think they would get the irony inherent to that statement?

or would they just walk around in a happy stupor thinking "Hey, they put Reagan on a Coin. 'Bout damn time..."

[reverend_tim]

31. it would be fun to find out

[Ezlivin]

21. Never time to do real work, but always time to introduce bullshit bills

I guess Rep. Walden will tend to other legislative matters once his lobbyists tell him it's time.

[november3rd]

23. I lost a quarter a few weeks ago

I would hate to drop a $1 trillion coin on the subway tracks!

[Ikonoklast]

32. No worries. You'll never lose it, because you'll never be able to pick it up to begin with.

Imagine if this was it.

That's more than a ton of solid gold Australian 50 million-dollar coin.

http://www.businessinsider.com/australia-mint-largest-gold-coin-2011-11



There must be a vending machine full of Maseratis and Ferraris somewhere.

[bluedigger]

29. What programs does Rep. Walden propose to cut in order to balance the budget? n/t

[thelordofhell]

34. But aren't they going to put Raygun's face on the coin??

Only fitting.........

[IDemo]

40. Milton Friedman

[Panasonic]

36. And the Senate will ignore this.

Any bill trying to stop Democrats from doing their constitutents' work will be ignored.

Also, sanctions against the House Republicans are in order.

[discntnt_irny_srcsm]

39. Maybe I'm not seeing something but...

...as I read Article 1 section 8 of the Constitution, there's not a problem coining the trillion and a Constitutional Amendment is necessary to change that.

[bucolic_frolic]

41. Does he realize

he could be stopping a future GOP President from giving
trillion dollar tax cuts to billionaires?

Shameful!

[tomm2thumbs]

43. Ahhh, but the Gazillion Dollar Bill...

I wonder if they'll work at Kmart

[padruig]

44. has anyone mentioned ... ?

Has anyone mentioned to Rep. Walden that the minting of these coins are called out in the Constitution of the United States ?

[Rozlee]

45. And I thought bills ending bans on dwarf tossing and fetus eating were dumb

These guys are starting the new year with more stupid than they ended last year.

[davidpdx]

47. Another Fox News conspiracy

[Kablooie]

48. Wouldn't Obama have to approve the bill befor it became law?