US Treasury Rejects $1 Trillion Coin Proposal

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The Treasury Department is rejecting the idea of a $1trillion coin as a way of bypassing the debt ceiling.

The next debt limit battle rolls around in about one month.

Some Democrats wanted the U.S. Treasury to mint a coin worth $1 trillion and then deposit it in the Federal Reserve, allowing the Fed to use that fabricated money to allow more government spending.

While that would allow President Obama to completely avoid Congress on the issue, Treasury Department spokesman Anthony Coley said the trillion dollar coin would not be legal.

"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," Coley told The Wall Street Journal.

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