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Matt Yglesias argues that President Obama appears to be legally required to pursue the trillion dollar coin option in the event that Republicans refuse to raise the debt limit:
  1. Under the Congressional Budget and Impoundment Act of 1974 it's illegal for the president to spend less money than congress has appropriated--the Nixon administration had this idea that it could enact unilateral spending cuts, but it can't.
  2. Under the terms of the statutory debt ceiling, the president can't borrow extra money without congressional authorization.
  3. I don't believe there's a specific statutory prohibition on collecting taxes that congress hasn't authorized, but this principle is pretty literally the foundation of the entire fabric of common law.
  4. The Treasury Secretary can instruct the mint to create platinum coins of any denomination.
Given those facts, Yglesias concludes, the coin must be minted if Republicans refuse to raise the debt limit.


Index of Frank's Diaries
by Frank Schnittger (mail Frankschnittger at hot dotty communists) on Thu Jan 10th, 2013 at 05:16:28 PM EST
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