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January 13, 2013


White House Explains Rejecting $1 Trillion Coin

Paul Krugman gets a call from the White House after they rejected the trillion dollar coin idea to stave off default on the nation's bonds:

"The White House insists that it is absolutely, positively not going to cave or indeed even negotiate over the debt ceiling -- that it rejected the coin option as a gesture of strength, as a way to put the onus for avoiding default entirely on the GOP."

Wall Street Journal: "The White House also has rejected another escape clause: invoking the Fourteenth Amendment to the Constitution and borrowing more even if Congress hasn't acted."














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