Stephen Colbert weighs in on the $1 trillion coin
In case you’ve missed it over the last few days, there is a lot talk from politicians and economists seeking a crafty way for President Barack Obama to bypass a debt ceiling debate with Republicans in Congress, who want spending cuts in any deal to raise the nation’s borrowing limit.
Some, including House Minority Leader Nancy Pelosi (D-CA), believe that the White House should use the 14th Amendment, which states that “the validity of the public debt…shall not be questioned,” to raise the debt ceiling through executive fiat.
The other option that is being floated, as weird as it sounds, would be the Secretary of the Treasury, which is current Timothy Geithner, to use his authority to order the minting of a $1 trillion coin.
Last night on Comedy Central, Stephen Colbert, host of The Colbert Report, gave the idea treatment that only he could deliver, explaining, “All of this means nothing because a $1 trillion coin doesn’t solve anything. Our nation’s debt is $16 trillion, and we can’t make a $16 trillion coin. That’s just silly.”
Watch the whole segment below: