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Carolyn Kaster / AP

President Obama sat down with the political podcast, Pod Save America, yesterday and discussed his "scariest moment" in the White House — the debt ceiling crisis of 2013:

  • "There were all kinds of wacky ideas about how potentially you could have this massive coin I mean... it was like some primitive — it was like out of the stone age or something. And I pictured rolling in some coin..."
  • "It gets pretty technical, but there was this theory that I had the authority to just issue... through the mint... this massive trillion dollar coin... and that on that basis we could try to pay off our U.S. treasuries."
  • "It was a very realistic possibility that we couldn't get the votes for that and that we couldn't get those debts rolled over... and at that point you were in uncharted territory."

Go deeper

Republicans gear up for day-of and post-Election Day litigation

Voters wait in line to cast their early ballots Photo: Joe Raedle/Getty Images

Republican Party officials say they're already looking to Pennsylvania, Minnesota and Nevada as likely battlegrounds for post-election lawsuits if the results are close.

The big picture: As pre-election lawsuits draw to a close, and with President Trump running behind Joe Biden in national and many battleground state polls, Republicans are turning their attention to preparations for Election Day and beyond, and potential recounts.

Federal Reserve expands lending program for small businesses

Federal Reserve Chairman Jerome Powell at a news conference in 2019. Photo: Eric Baradat/AFP via Getty Images

The Federal Reserve said on Friday it would again lower the minimum loan size for its pandemic-era small business program.

Details: Businesses and nonprofits will be able to borrow a minimum of $100,000 from the facility, down from $250,000 — a move that might attract smaller businesses that don't need as hefty of a loan. Since the program launched earlier this year, the minimum loan size has been reduced twice.

2 hours ago - Economy & Business

How Trump and Biden would steer the future of transportation

Illustration: Eniola Odetunde/Axios

President Donald Trump and Democratic challenger Joe Biden would likely steer automotive policy in different directions over the next four years, potentially changing the industry's road map to the future.

Why it matters: The auto industry is on the cusp of historic technological changes and the next president — as well as the next Congress — could have an extraordinary influence on how the future of transportation plays out.