The US is hurtling towards an entirely preventable economic crisis, and a trillion-dollar coin could solve all of its problems — if the Biden administration decides to take it seriously. Treasury Secretary Janet Yellen said that the government could run out of money to pay its debts as soon as June 1, triggering a never-before-seen debt-ceiling crisis. Even a short default could cost the country almost a million jobs and trigger a recession.
But Republicans and Democrats are still waiting for the other to blink. The House GOP narrowly passed a bill last week that would tie massive budget cuts to a one-year increase, which Senate Democrats have proclaimed dead on arrival. President Joe Biden said he would veto that legislation, and continues to insist upon a clean raise.
Some economists say that means it’s time for a break-the-glass option: a trillion-dollar coin.