Alayna Treene Jan 19, 2017
Obama's history of the trillion dollar coin
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."