• Email Us: [email protected]
  • Contact Us: +1 718 874 1545
  • Skip to main content
  • Skip to primary sidebar

Medical Market Report

  • Home
  • All Reports
  • About Us
  • Contact Us

Yellen says debt ceiling hike ‘utterly essential’, opposes platinum coin ‘gimmick’

October 5, 2021 by David Barret Leave a Comment

October 5, 2021

(Reuters) – U.S. Treasury Secretary Janet Yellen on Tuesday said it was “utterly essential” for Congress to lift the federal debt limit ahead of an Oct. 18 deadline to avoid U.S. default, but added that she opposes using a loophole in U.S. currency law to resolve the crisis.

Yellen told CNBC in an interview that she opposes the minting of a $1 trillion platinum coin to resolve the crisis.

The idea comes from a legal loophole that allows the Treasury to mint platinum coins in any denomination it chooses. Some progressive commentators and Democratic lawmakers have suggested minting one or more $1 trillion coins to break an impasse in which Republicans have refused to support an increase in the $28.4 trillion debt ceiling.

“I’m opposed to it and I don’t think we should consider it seriously,” Yellen said. “It’s really a gimmick.”

Yellen said such a move “is equivalent to asking the Federal Reserve to print money to cover deficits that Congress is unwilling to cover by issuing debt. It compromises the independence of the Fed, conflating monetary and fiscal policy.”

She added that it would “do the opposite” of showing that Congress and the administration can be trusted to pay U.S. bills.

Asked if she would back a process called “reconciliation” for getting the limit increased without any Republican support, Yellen said: I support getting it done… We have to raise the debt ceiling as a routine matter whenever the country runs budget deficits.”

Yellen added that it was up to Democratic House Speaker Nancy Pelosi and Senate Majority Leader Chuck Schumer “to figure out” how to raise the debt ceiling in Congress. “What I can tell you is that it’s utterly essential that this be done.”

She said she continues to regard Oct. 18 as a deadline for raising the debt ceiling. That is when the Treasury will exhaust its extraordinary borrowing capacity and will have limited cash reserves that will be expended very quickly. A default would be “catastrophic” and cause a recession, she said, putting the reserve status of the dollar at risk.

(Reporting By Dan Burns and David Lawder; Editing by Chizu Nomiyama)

Source Link Yellen says debt ceiling hike ‘utterly essential’, opposes platinum coin ‘gimmick’

David Barret
David Barret

Related posts:

  1. U.S. pegs farm income at eight-year high amid strong corn, soy prices
  2. UK government plans new pet abduction offence after rise in thefts
  3. North and South Korea conduct missile tests as arms race heats up
  4. Russian authorities arrest cybersecurity giant Group-IB’s CEO on treason charges

Filed Under: News

Reader Interactions

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Primary Sidebar

  • The Bizarre 1997 Experiment That Made A Frog Levitate
  • There’s A Very Good Reason Why October 1582 On Your Phone Is Missing 10 Days
  • Skynet-1A: Military Spacecraft Launched 56 Years Ago Has Been Moved By Persons Unknown
  • There’s A Simple Solution To Helping Avoid Erectile Dysfunction (But You’re Not Going To Like It)
  • Interstellar Object 3I/ATLAS May Be 10 Billion Years Old, This Rare Spider Is Half-Female, Half-Male Split Down The Middle, And Much More This Week
  • Why Do Trains Not Have Seatbelts? It’s Probably Not What You Think
  • World’s Driest Hot Desert Just Burst Into A Rare And Fleeting Desert Bloom
  • Theoretical Dark Matter Infernos Could Melt The Earth’s Core, Turning It Liquid
  • North America’s Largest Mammal Once Numbered 60 Million – Then Humans Nearly Drove It To Extinction
  • North America’s Largest Ever Land Animal Was A 21-Meter-Long Titan
  • A Two-Headed Fossil, 50/50 Spider, And World-First Butt Drag
  • Interstellar Comet 3I/ATLAS Is Losing Buckets Of Water Every Second – And It’s Got Cyanide
  • “A Historic Shift”: Renewables Generated More Power Than Coal Globally For First Time
  • The World’s Oldest Known Snake In Captivity Became A Mom At 62 – No Dad Required
  • Biggest Ocean Current On Earth Is Set To Shift, Spelling Huge Changes For Ecosystems
  • Why Are The Continents All Bunched Up On One Side Of The Planet?
  • Why Can’t We Reach Absolute Zero?
  • “We Were Onto Something”: Highest Resolution Radio Arc Shows The Lowest Mass Dark Object Yet
  • How Headsets Made For Cyclists Are Giving Hearing And Hope To Kids With Glue Ear
  • It Was Thought Only One Mammal On Earth Had Iridescent Fur – Turns Out There’s More
  • Business
  • Health
  • News
  • Science
  • Technology
  • +1 718 874 1545
  • +91 78878 22626
  • [email protected]
Office Address
Prudour Pvt. Ltd. 420 Lexington Avenue Suite 300 New York City, NY 10170.

Powered by Prudour Network

Copyrights © 2025 · Medical Market Report. All Rights Reserved.

Go to mobile version