The Trillion Dollar Coin And Other Longshot Debt Crisis Solutions

With Kevin McCarthy (R-CA) becoming Speaker of the House by giving more power to hard-core conservatives, we face a looming crisis when the federal debt ceiling has to be raised later this year. Is there an alternative to a bitter fight and a possible failed vote that could cause a U.S. default? Can the Treasury Department mint a “trillion dollar platinum coin” and deposit it with the Fed?

Remember the U.S. is essentially the only country requiring a separate vote on raising the debt ceiling. Most governments assume if spending is legally authorized then the necessary funds must be made available, either through taxes or borrowing.