Token of All Tokens: Could a $1T Coin Fix the Debt Limit?

Even its serious proponents — who are not that many — call it a gimmick.

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This image provided by the U.S. Mint, the reverse of the 2021 American Eagle Platinum One Ounce Proof Coin - Freedom of Religion, is photographed in Washington. It would be the token of all tokens: a $1 trillion coin, minted by the U.S. government, then cashed in to flood the treasury with cash and solve a political impasse over suspending the debt limit. The idea is getting some attention in Washington as an Oct. 18 deadline approaches, with Democrats and Republicans deadlocked over how to stave off an unprecedented credit default. (Burwell and Burwell Photography/U.S. Mint via AP)
Image via AP Photo/Burwell

This article was republished here with permission from The Associated Press, however it is no longer available to read on Snopes.com.

WASHINGTON (AP) — Some politicians think they’ve found a silver bullet for the impasse over the debt limit, except the bullet is made of platinum: Mint a $1 trillion coin, token of all tokens, and use it to flood the treasury with cash and drive Republicans crazy. Even its serious proponents — who are not that many — call it a gimmick. They say it is an oddball way out of an oddball accounting problem…

Read at AP News