WASHINGTON, D.C. — An Oregon congressman wants to block plans to create a trillion-dollar coin to help pay the country’s national debt.
Greg Walden is moving forward with his own legislation that would prevent that coin from being minted. Greg Walden says in a few months, the country will have another financial crisis on its hands with the debt ceiling issue.
Right now, he’s taking steps to stop one idea to address it before it gains momentum. Walden is pushing legislation to stop the minting of a trillion dollar coin. A legal loophole allows the U.S. Treasury to mint platinum coins in any denomination.
New York Congressman Jerrold Nadler has endorsed the idea of creating a trillion dollar coin as a way to avoid the debt ceiling crisis, but Walden says it’s the equivalent of printing money you don’t have.
Walden says he’s gaining support from other members of Congress to stop the trillion dollar coin idea in its tracks. According to the U.S. Treasury, the National Debt is currently over $16 trillion.