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US Could Issue Trillion Dollar (INR 55, 00, 000 Cr) Coin

PUBLISHED BY: SURENDER KUMAR
JANUARY 10, 2013

   
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The White House does not rule out minting a $1 trillion (INR 55,00,000 Cr) coin if the US Congress failed to raise the debt limit.

 

 


The Treasury Department — through a loophole in the federal law — which was designed to permit issue of collectible coins, can theoretically mint a $1 trillion coin, deposit it with the Fed and continue paying bills even if the $16.4 trillion debt ceiling is reached in a few weeks.

 

 

The USA had hit the manadated debt ceiling on December 31.



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