Some economists and legal scholars have suggested that the “platinum coin option” is one way to defuse a crisis if Congress can’t or won’t lift the debt ceiling soon. At least in theory. The U.S. government is, after all, facing a real problem. The Treasury Department will hit its $16.4 trillion borrowing limit by next February at the latest. Unless Congress reaches an agreement to raise that borrowing limit, the government will no longer be able...
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Uncle Sam can not keep borrowing money indefinitely because he will run out of lenders as the debt climbs. Government bonds will be downgraded by rating agencies, and the cost of borrowing will become very excessive. The only viable solution is to halt the growth of spending by the government.
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