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Former Head of U.S. Mint Says Trillion Dollar Coin is Legal

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Philip Diehl, head of the U.S. Mint from 1994-2000, tells Capital New York that the minting of a trillion dollar coin to circumvent a fight over the debt ceiling is perfectly legal.

Diehl was head of the Mint when the law giving authorization for such a move was passed and says, “My understanding of how this all works suggests that this is a viable alternative.”

He added: “One of the ironies in this story is that a GOP Congress passed the legislation over the objections of a Democratic Treasury, and now, today, Treasury may well be in a position to use the law as leverage to neutralize the GOP’s threat to hold the debt limit hostage.”

The Daily Beast has more on the possible tactic.

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goddard-bw-snapshotTaegan Goddard is the founder of Political Wire, one of the earliest and most influential political web sites. He also runs Political Job Hunt, Electoral Vote Map and the Political Dictionary.

Goddard spent more than a decade as managing director and chief operating officer of a prominent investment firm in New York City. Previously, he was a policy adviser to a U.S. Senator and Governor.

Goddard is also co-author of You Won - Now What? (Scribner, 1998), a political management book hailed by prominent journalists and politicians from both parties. In addition, Goddard's essays on politics and public policy have appeared in dozens of newspapers across the country.

Goddard earned degrees from Vassar College and Harvard University. He lives in New York with his wife and three sons.

Goddard is the owner of Goddard Media LLC.

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