Oregon Congressman Explains How to Run Up Expenses on a Budget

Our guest columnist lives in Idaho, as far as we’re concerned.

THE DALLES, Ore. – U.S. Rep. Greg Walden (R-Ore.) today announced plans to introduce a bill to stop a proposal to mint high-value platinum coins to pay the federal government’s bills.

“Some people are in denial about the need to reduce spending and balance the budget. This scheme to mint trillion dollar platinum coins is absurd and dangerous, and would be laughable if the proponents weren’t so serious about it as a solution. I’m introducing a bill to stop it in its tracks,” Rep. Walden said.

“My wife and I have owned and operated a small business since 1986. When it came time to pay the bills, we couldn’t just mint a coin to create more money out of thin air. We sat down and figured out how to balance the books. That’s what Washington needs to do as well. My bill will take the coin scheme off the table by disallowing the Treasury to mint platinum coins as a way to pay down the debt. We must reduce spending and get our fiscal house in order,” Rep. Walden said.

Within the last week, numerous media reports have suggested that the U.S. Mint could create trillion dollar platinum coins, which would then be deposited into the Federal Reserve to be used to pay the federal government’s bills or avoid hitting the debt ceiling. Rep. Jerrold Nadler, the ranking member of the Judiciary Committee’s Subcommittee on the Constitution, touted the proposal last week. New York Times columnist and Princeton professor Paul Krugman suggested the idea in an article as well. Other leaders in Washington, including House Minority Leader Nancy Pelosi, have urged the President to raise the debt limit unilaterally without permission from Congress.

Representative Walden, a member of the House Republican leadership, represents the Second District of Oregon, which includes 20 counties in the southern, central and eastern regions of the state.

Greg Walden plans to introduce bill to stop U.S. Treasury from creating trillion dollar platinum coins to pay bills and expand debt [U.S. House]

He bought a story from The Onion?

Or a rather unfunny Storyline from the Simpsons

No, Krugman has actually been talking about this trillion dollar coin idea as if it were real and plausible. I haven’t tried to wrap my head around it, but it sounds like it makes as much sense as anything else. That is, Congress is already batshit psycho, so why not circumvent their problems with batshit psycho workarounds?

Hmmm, I wonder if I can make a 1 million MC fun dollar bill that is legal tender?

Considering the batshit crazy/stupid/ignorance that is the GOPers, why not?

GOP douchebags cannot print money. Governments can. Fucking idiot.

It’s called seignorage: deposit that $1 trillion platinum coin in the Federal Reserve and then pay the nation’s debts after these “miscellaneous receipts” have been transferred from the US Mint Public Enterprise Fund to the Treasury.

I suggested this on 7 July 2011 in the run-up to the previous debt-ceiling farrago.

As a numismatist, I know that various pundit’s suggestions as to whose face — Boehner, Norquist — should be on the coin conflicts with US law that no living person be depicted on US coinage.

Inflation anyone?

If these people get any stupider we’ll have to open a home for them. How are the able to dress themselves in the morning?

@stickler: The conflict you allude to only exists if either is (or ever was) alive.

I think Boehner was embalmed around the time of the debt ceiling fight (badly – as evidenced by his pallor). Whereas Norquist always struck me as one of the undead (but not one of the cool ones).

So the adbot thingie at the New York Times website apparently thinks that I’m a Xtian man looking for a woman – advertising some Christian singles match dot com service. I totally think it’s because I’m using a wireless network at a motel in the South. When I’m sitting at home, it’s all Prius and vodka ads.

@Walking Still: Thank you for taking the words right out of my mouth. With all the joking about Cheney’s missing heartbeat aside, we overlook the fact that Norquist and Boehner show no signs of life – ever.

Why shouldn’t the Fed take a trillion dollar coin at face value? We all do the same with the other coins and bills. Don’t the banks that own the Fed have confidence in the good old US of A? Are they anti-American defeatists? Off with their heads!

TJ/ Is Jed Bartlet cursing in Latin yet? The Tide, as they say, is rolling.

Why not put Ronald Reagan’s face on the coin?

Vote early and often for Henri Le Chat Noir for Best Cat Video of the Year.

@SanFranLefty: Done. Henri has a big lead in the voting.

In a slough of despair.

Just saw Dick Armey shitfaced on Mattews shew. I mean shitfaced. Hubba hubba. Spewlorninkin gem. Aspefremcratsfum. Juk juk.

As it were.

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