The Trillion Dollar Coin Fantasy: GOP Extremism Can’t Be Wished Away
swampland.time.com — The idea of a trillion-dollar platinum coin was not quite as insane as it sounded. It was a response to the insanity of congressional Republicans, who have refused to raise the debt ceiling and let the U.S. pay its bills unless Democrats agree to massive cuts in Democratic priorities. The coin would have been an accounting trick designed to allow Obama to ignore the debt ceiling and keep fulfilling obligations Congress had already incurred. It was always unrealistic to imagine that Obama could sidestep Republican extremism and obstructionism through a kooky loophole in monetary regulations. Big ideological battles don’t get settled through technicalities. But especially on the left, there is still a powerful urge to believe that Republican extremism and obstructionism can be sidestepped.