Obama administration considered platinum coin option during the debt ceiling fight | Arkansas Blog

Tuesday, December 3, 2013

Obama administration considered platinum coin option during the debt ceiling fight

Posted By on Tue, Dec 3, 2013 at 12:46 PM

Even as Congress teetered dangerously close to breaching the debt ceiling earlier this year, the Obama administration was adamant that none of the creative solutions economists had proposed as emergency measures — such as minting a large-denomination platinum coin using an obscure 1996 law — were on the table. 

However, the Huffington Post reports today that the Obama administration had its legal team draw up a memo making the legal case for the maneuver. 

The Justice Department's Office of Legal Counsel, which functions as a sort of law firm for the president and provides him and executive branch agencies with authoritative legal advice, formally weighed in on the platinum coin option sometime since Obama took office, according to OLC's recent response to HuffPost's Freedom of Information Act (FOIA) request. While the letter acknowledged the existence of memos on the platinum coin option, OLC officials determined they were "not appropriate for discretionary release."

HuffPost submitted the FOIA request when there was increased speculation about the use of the platinum coin option ahead of the debt ceiling crisis this fall. 

I've heard compelling arguments for and against extraordinary tactics, such as platinum coins or invoking the 14th amendment, in the face of national default. I'm just thankful the nation avoided a constitutional crisis and economic disaster. Of course, we'll likely see the same game of chicken played in February, as the next debt ceiling limit approaches. 

Tags:

From the ArkTimes store

Favorite

Comments (6)

Showing 1-6 of 6

Add a comment

 
Subscribe to this thread:
Showing 1-6 of 6

Add a comment

More by David Ramsey

Readers also liked…

  • Judge Griffen: Why black lives matter

    Another few words from Judge Wendell Griffen growing from the controversy over the sale of Black Lives Matter T-shirts at the state black history museum — removed by the administration and restored after protests from Griffen and others stirred by a story in the Arkansas Times:
    • Mar 13, 2016
  • Baseball fans have a new place to stay

    If you missed out on Razorback baseball home games this year because you couldn’t find a great place to stay, your problem is now solved: Staybridge Suites of Fayetteville is now fully renovated and located directly across from Baum Stadium, with free parking for hotel guests.
    • May 22, 2017
  • IHOP coming down, but .....

    I always scan the Little Rock City Board for items of interest this week and this one caught my eye: A zoning measure required by a proposal to tear down the IHOP at Markham and University.
    • Apr 30, 2016

Most Shared

  • Guest Playlist: Flap Jones of "Not Necessarily Nashville" schools us on real country music

    "Not Necessarily Nashville," which airs on KUAR-FM 89.1 every Saturday, 7 p.m.-9 p.m., celebrates three decades of the "best of the rest of country music" Saturday, October 21 at the White Water Tavern with Brad Williams of The Salty Dogs & The Creek Rocks, and we asked host Flap Jones to curate a playlist for us ahead of that anniversary celebration.
  • Discussion: State killing of the mentally ill

    The Arkansas Coalition to Abolish the Death Penalty and others will have a forum on mental illness and the death penalty at 6:30 p.m. Monday at the Bowen School of Law's Friday Courtroom.

Most Viewed

Most Recent Comments

Blogroll

 

© 2017 Arkansas Times | 201 East Markham, Suite 200, Little Rock, AR 72201
Powered by Foundation