As a result, the consequences of Republican refusal to cooperate in a debt-ceiling increase are less fearsome. The most important difference between the 2013 showdown and this one is that Republicans do not control either chamber of Congress. We have 2 options that are better than the coin There are other options on the menu today, and the coin is not warranted. And once again, minting the coin has been raised as a solution. Now, the US is once again facing down the possibility of hitting the debt limit and defaulting, partly because of Republicans' unwillingness to vote for an increase. But the coin would have been a better choice than default I believe that it was, and is, a legally available option. Ultimately, Republicans capitulated and provided the votes to raise the limit. In 2013, you may recall that I was a proponent of 'minting the coin.' As the US government faced the possibility of defaulting on some of its debt, the idea was for the Treasury to use a loophole created in a law authorizing the minting of commemorative platinum coins to get around the federal debt limit and ensure the US government could continue paying its bills, even if Congress did not raise it.ДЄt the time, Republicans held a majority in the House of Representatives, and their intransigence on raising the limit left three options: Convince Republicans to fold, use a gimmick like the coin, or default on government payments. The thoughts expressed are those of the author. They have the votes to do it alone - and they should use them to effectively abolish the debt limit.But now, Democrats can overcome Republican intransigence without minting the coin.When the US was facing default in 2013, I urged Obama to 'mint the coin' and evade the debt limit.

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