Obama administration shoots down platinum coin idea

The Obama administration ended speculation Saturday that it would mint a trillion-dollar platinum coin as a way to avoid the debt ceiling.

Treasury Department spokesman Anthony Coley said the agency wouldn’t mint one and the Federal Reserve would not accept the coin.

“Neither the Treasury Department nor the Federal Reserve believes that the law can or should be used to facilitate the production of platinum coins for the purpose of avoiding an increase in the debt limit,” he Coley said.

His statement was followed by one from White House Press Secretary Jay Carney.

“There are only two options to deal with the debt limit: Congress can pay its bills or it can fail to act and put the nation into default,” Carney said.

Though the idea seemed far fetched when it recently resurfaced, the Obama administration appeared to add speculation by not dismissing the idea outright.

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