It’s the joke of the week in Capitol Hill: minting a trillion dollar coin to solve our nation’s debt crisis. While that’s probably unlikely, it very well might be the most agreeable option on the table when it comes to discussing the debt ceiling. Currently, the national borrowing limit is set at $16.4 trillion. However, that limit needs to be raised in order for the Treasury Department to continue to be able to pay for what Congress has already approved.If Congress doesn’t agree to the increase, the President has warned that the consequences will be “catastrophic.” Meanwhile, Congressional Republicans have been threatening to demand spending cuts before agreeing to raise the debt ceiling.Joe Weisenthal, deputy editor of Business Insider, lays out the options for tackling the coming crisis.
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