FOXNews.com: Obama administration shoots down platinum coin idea as debt ceiling solution

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Obama administration shoots down platinum coin idea as debt ceiling solution Jan 12th 2013, 21:40 The Treasury Department appeared to put an end Saturday to speculation that it would mint a trillion-dollar platinum coin as a way to avoid the debt ceiling. An agency spokesmen said the Federal Reserve would not accept the coin even if the Treasury minted one. "Neither the Treasury Department nor the Federal Reserve believes that the law can or should be used to facilitate the production of platinum coins for the purpose of avoiding an increase in the debt limit," spokesman Anthony Coley said. Though the idea seemed far fetched when it recently resurfaced, the Obama administration appeared to add speculation by not dismissing the idea outright. On Wednesday, White House Press Secretary Jay Carney said there was no "Plan B" on the debt ceiling but didn't totally rule out the platinum coin. The idea of minting such a coin to invalidate the debt ceiling purportedly comes from part of the 1997 Omnibus Consolidated Appropriations Act. They were written by then-Delaware Republican Rep. Mike Castle, a Republican congressman from Delaware, who purportedly is a coin collector.

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