Treasury Deputy Secretary Urges Congress to Lift Debt Limit, Rejects Platinum Coin

(Bloomberg) -- The US Treasury’s deputy secretary urged Congress to lift the nation’s debt limit to avoid a default while also rejecting calls to mint a $1 trillion platinum coin to ease the crisis.

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Raising the limit is “he only thing that we can do that will maintain our credibility for investors in the United States, our credibility with the people who we’ve made commitments to,” Wally Adeyemo said in an interview on National Public Radio Monday. “Each time we get to a point where Congress needs to pass the debt limit, someone has a new creative, interesting idea on how we can do it.”

The concept of the US minting a $1 trillion platinum coin in order to avoid a default on federal debt has gripped some quarters of markets and Washington amid political brinkmanship over the debt ceiling. The Biden administration has consistently dismissed it as an option.

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