The trillion-dollar coin is a concept that emerged during the United States debt-ceiling crisis of 2011 as a proposed way to bypass any necessity for the United States Congress to raise the country's borrowing limit, through the minting of very high-value platinum coins. The concept gained more mainstream attention by late 2012 during the debates over the United States fiscal cliff negotiations and renewed debt-ceiling discussions. After reaching the headlines during the week of January 7, 2013, use of the trillion-dollar coin concept was ultimately rejected by the Federal Reserve and the Treasury.[1]
The concept of the trillion-dollar coin was reintroduced in March 2020 in the form of a congressional proposal by congresswoman Rashida Tlaib[2] during the shutdown caused by the COVID-19 pandemic in the United States. Tlaib sought to fund monthly $2,000 recurring stimulus payments until the end of the pandemic.[3]
The idea gained further traction in late 2021 with propositions by Bloomberg journalist Joe Weisenthal amongst others, amidst the United States debt-ceiling crisis of 2021.[4]
- ^ Cite error: The named reference
rejectionwas invoked but never defined (see the help page). - ^ "Automatic BOOST to Communities Act" Proposal.
- ^ Tlaib, Rashida (April 17, 2020). "Text - H.R.6553 - 116th Congress (2019-2020): Automatic Boost to Communities Act". www.congress.gov. Retrieved January 17, 2021.
- ^ KAMINSKA, IZABELLA (September 30, 2021). "#Mintthecoin to avoid societal collapse?". www.financialtimes.com. Retrieved October 1, 2021.