Ryan Cooper: Here's why the famous platinum coin is Biden's most legally defensible option, despite how silly it sounds.
of a default are well documented. U.S. debt is practically the foundation of the global financial system. If the rest of the world comes to doubt its reliability, a major recession is likely, if not a shattering financial crisis.Yet there is one aspect of the debt limit issue that has gotten little coverage: It would be just as illegal to obey the limit as it would be to ignore it.
Without the coin, the president would violate the law one way or another. It’s hard to see why he would choose the option that causes an economic crisis.that on Thursday the department will begin on various accounting shuffles to stave off actually breaching the debt ceiling, but the tricks are estimated to run out as soon as June.
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