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Sept. 30, 2021, 12:50 p.m. EDT

Yellen throws cold water on trillion-dollar coin solution for debt ceiling stalemate

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By Greg Robb

Treasury Secretary Janet Yellen on Thursday said "the only way" to avoid a default on the U.S. debt is for Congress to pass legislation to raise the debt ceiling, throwing cold water on the radical idea of minting a trillion-dollar coin to get around the politically difficult vote. Rep. William Timmons, a Republican of South Carolina, asked Yellen to comment on the idea. He said Speaker of the House Nancy Pelosi "gave oxygen" to the proposed trillion-dollar coin when she mentioned it during a press conference on Wednesday. Timmons asked Yellen to "please tell me this is not a legitimate policy proposal." In response, Yellen said: "I believe that the only way to handle the debt ceiling is for Congress to raise it and show the world, financial markets and the public that we're a country that will pay our bills."

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