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...
In response to:
"Now there are some arguing that even with their steeply reduced tax rates, the rich are paying more in taxes. Robert Frank of CNBC said earlier this year: “Despite the oft-repeated fact that tax rates for the wealthy are at an all-time low, which is true, it’s also true that the actual amount paid in taxes by the wealthy is higher than before the recession.” Yes, because of inflation, despite the tax rate declines for the rich they are paying more in dollars—but so are middle- and lower-income Americans. And they, because they’ve not had such a dramatic tax rate decline, are paying proportionally more in terms of their income."
- Quotes of the day Allahpundit 5 hours ago
- GAO to audit Oregon’s failed ObamaCare exchange site Mary Katharine Ham 6 hours ago
- Video: Chris Matthews attempts a do-over during his live show Mary Katharine Ham 7 hours ago
- FL-13 special election: Jolly wins! Erika Johnsen 7 hours ago
- Finally: “Frozen,” the honest trailer Allahpundit 8 hours ago
- Union leaders: Man, this Keystone XL decision just “reeks of politics” Erika Johnsen 9 hours ago