The US could be 4 months away from a potentially disastrous debt-ceiling breach, but nobody's negotiating over how to fix it
"Since 1789, the United States has paid all of our bills on time. It should stay that way. In my assessment — and that of economists across the board — a default on our debt would produce an economic and financial catastrophe," YellenSpeaker of the House Kevin McCarthy has said he wants to continue negotiating with President Joe Biden over conditions to raise the debt ceiling, but he has not yet disclosed what exactly those conditions are.
on Twitter that"the GOP is divided and unable to unite around a plan to raise the debt ceiling. The hard right demands spending cuts. Will they cut Medicaid? Pell Grants? Food for kids?"After meeting with Biden earlier this week, Schumer told reporters that the president"doubled down," and wouldn't accept"hostage taking," perWhat we know about GOP spending cuts
However, the absence of a concrete plan from Republicans has Democrats questioning whether Medicare and Social Security will truly be left unscathed as a debt ceiling deal takes shape. If the US defaults on its debt, the stock market would crash. Millions would likely lose their jobs. US Treasury bonds, which are key assets in global finance, would suddenly be plunged into chaos.
Some economists — and even legislators — have offered a silly-sounding alternative to sidestep the debt ceiling crisis completely: Minting a trillion-dollar platinum coin. That idea derives from ain the Treasury Department's minting jurisdiction. Technically, the Treasury can mint platinum coins of any denomination. One school of thought believes that Yellen should just mint a trillion-dollar platinum coin, and then deposit it at the Fed to head off any default concerns.
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