Katie LaPotin, Red Alert Politics, January 25, 2012
During its annual Winter Meetings in Charlotte, N.C. this week, the Republican National Committee released a web video poking fun at the ‘trillion dollar coin’ that some Democrats have been advocating for in order to pay down the nation’s debt.
In the video, a young man appearing to be in his 20s carries around a gigantic ‘trillion dollar coin,’ emblazoned with Obama’s face, asking different vendors around the Capitol Hill neighborhood of Washington, D.C. if they would accept the coin. He even tries to stick the coin – which appears to be about 18 inches in diameter – in a vending machine to buy a bag of Cheetos and use it to pay for a metro ride.
“No one’s taking the trillion dollar coin,” the narrator exclaims. “The laundromat won’t take it, the parking vendor won’t take it, the food vendor won’t take it, the restaurant won’t take it, the soda machine sure isn’t taking it…and all I wanted was a bag of Cheetos!”
The ‘trillion dollar coin’ idea was the brainchild of Democratic Representative Jerry Nadler of New York, whoexplained his rationale behind the new currency in a statement to Business Insider earlier this month:
“It’s really a shame that the administration is ruling out one of the very few bargaining chips it has with Republican extremists who are intent, once again, on using the debt ceiling as a means of political blackmail. That leaves us just two options of which I’m aware to gain leverage against GOP hostage takers: the 14th amendment and repealing the debt ceiling altogether through legislation I’ll soon introduce. We must be prepared to use every weapon within our arsenal to prevent defaulting on our debts and sending our economy into a tailspin.”
While the Obama Administration appeared at first to take the idea of minting a ‘trillion dollar coin’ seriously, both the Treasury Department and Federal Reserve have shot down the idea. Congressman Greg Walden (R-Ore.) had also proposed authoring legislation to block the coin if the administration chose to pursue minting it.