US Faces Default Unless Biden Administration Mints $1 Trillion Platinum Coin

• The Biden Administration is facing a looming debt crisis and could run out of cash by June if the US Congress fails to increase the debt ceiling.
• To avoid a default, economists suggest that the Treasury Department may mint and issue a $1 trillion platinum bullion coin.
• President Joe Biden has scheduled a meeting on May 9 with House Speaker Kevin McCarthy and other Congressional leaders to discuss ways of preventing a default.

The US Debt Ceiling Crisis

The United States is facing an unprecedented economic crisis due to high levels of public debt. If Congress fails to increase or abolish the country’s debt ceiling, the Biden Administration will be unable to pay its debts by June 1st and will have no choice but to default.

Proposed Solution: The $1 Trillion Platinum Coin

Economists have suggested that in order to prevent this situation from occurring, the Treasury Department may need to issue a $1 trillion platinum coin. This ‘loophole’ in Section 31 of the United States Code permits the Government to “mint and issue platinum bullion coins” in any denomination, meaning it could use this option as a way out of its current financial woes.

Meeting Between Biden and Congressional Leaders

President Joe Biden has scheduled a meeting on May 9th with House Speaker Kevin McCarthy and other Congressional leaders in order to find an alternative solution for avoiding defaulting on US debts. He has previously stated that he would veto any bill which includes budget cuts – something which Republicans are proposing as part of their own efforts at finding an answer.

Consequences Of Default

If no agreement is reached between all parties involved, it could spell disaster for both America itself as well as for global markets around the world. A default would mean that it becomes much more expensive for America to borrow money, leading to higher interest rates on everything from mortgages through car loans up through credit cards – reducing people’s buying power in the process. It would also likely result in further drops in stock prices across markets worldwide, possibly resulting in another global recession or worse.

Conclusion

With Congress seemingly unable or unwilling to pass legislation increasing or abolishing America’s debt ceiling without additional budget cuts being implemented, it appears increasingly likely that President Joe Biden will have little choice but resorting to using his veto power against such measures – leaving him with few options left other than issuing a $1 trillion dollar platinum coin if he wants his Administration not be responsible for plunging America into default come June 1st 2021