Cumberland County company offers '$1 trillion' coin
Looking for the perfect gift for the “deficit dove” in your life? A Mechanicsburg-area company has the answer: a $1 trillion platinum coin.
The company's website lists the coin at $9.95, discounted from a "regular" price of $79.95.
The coin "is a great way to commemorate this challenging moment in history," company President Kevin Sacher said in a statement.
A call to Sacher this morning seeking further comment was not immediately returned.
The $1 trillion coin idea came to prominence several months ago, during the battle between the Obama administration and Congressional Republicans over the debt ceiling.
A section of the law governing the Treasury Department gives the Treasury Secretary authority to issue "platinum bullion coins and proof platinum coins" of any denomination.
"Mint the coin" proponents argued that the Treasury Department could create a $1 trillion platinum coin, deposit it with the Federal Reserve, and write checks against it without technically having raised the ceiling.
The alternative, they argued, was allowing Congressional Republicans to use the nation's good credit as a hostage in debt negotiations. Regardless of one's views on the debt, it would be highly damaging if the government failed to pay expenses that Congress had duly authorized it to incur, they argued.