You know we have another debt-ceiling debate coming up. The last one resulted the “fiscal cliff” we’re still struggling with. Republican threats to block it are already in the air.
But some economists are advocating an odd tactic to defuse any impasse: two $1 trillion-dollar coins. From the Washington Post:
Under current law, the Treasury is technically allowed to mint as many coins made of platinum as it wants and can assign them whatever value it pleases.
Under this scenario, the U.S. Mint would make a pair of trillion-dollar platinum coins. The president orders the coins to be deposited at the Federal Reserve. The Fed moves this money into Treasury’s accounts. And just like that, Treasury suddenly has an extra $2 trillion to pay off its obligations for the next two years — without needing to issue new debt. The ceiling is no longer an issue.
“I like it,” said Joseph Gagnon of the Peterson Institute for International Economics. “There’s nothing that’s obviously economically problematic about it.”
At a gathering of 200 national immigration leaders this week sponsored by the U.S. Conference of Catholic Bishops, Atlanta Archbishop Wilton Gregory offered Republicans some advice on immigration reform. From the Georgia Bulletin:
The bishops “will resist” any proposal that offers undocumented persons legal status without a path to become citizens, he said in a keynote address.
You remember that vow by national Republicans to ditch Todd Akin’s U.S. Senate campaign after his “legitimate rape” remark? It didn’t take. From USA Today:
New campaign finance filings show that the National Republican Senatorial Committee sent $360,000 to the Missouri Republican Party’s federal campaign committee on Nov. 1. And the NRSC — which is charged with electing GOP candidates to the Senate — sent another $400,000 on Nov. 2.
Chamber executive Brandon Beach has scheduled his first fund-raiser in the rapid-fire Senate race to replace Chip Rogers. It will be next Thursday at the Olde Blind Dog Irish Pub in Milton. The headliner will be Lt. Gov. Casey Cagle. Attendees are asked to send $250 checks to Denise Deal, daughter-in-law of Gov. Nathan Deal. This is known as covering your bases.
Long-time GOP activist Brian Laurens announced last night that he, too, will run for the House seat being vacated by state Rep. Sean Jerguson of Woodstock. Jerguson, like Beach, is running for Senate District 21. Also in the race for House District 21: Scott Turner, who was defeated by Jerguson in the July GOP primary.
We’re hearing that Republican Mike Keown, the former state House member and 2010 congressional candidate, is considering running for Senate District 11, vacated on Thursday by blue jean-wearing state Sen. John Bulloch, R-Ochlocknee.
- By Jim Galloway, Political Insider