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☆ Josh Hawley tweeted out a misattributed quote from a segregationist newspaper on the Fourth of July
  + stars: | 2023-07-05 | by ( Bryan Metzger | ) www.businessinsider.com   time to read: +2 min
On the Fourth of July, Sen. Josh Hawley tweeted a quote he attributed to Patrick Henry. The quote argues that America "was founded, not by religionists, but by Christians." But it didn't come from Henry — it comes from a segregationist newspaper in Virginia in 1956. It came from a 1956 article in "The Virginian," a since-shuttered segregationist newspaper. "The above quotation from the will of Patrick Henry is a notable example."
Persons: Sen, Josh Hawley, Patrick Henry, Henry —, —, Republican Sen, Patrick Henry —, United States —, Jesus Christ, Henry, Hawley isn't, David Barton, Seth Cotlar, Thomas Jefferson, Abraham Lincoln, Hawley Organizations: Service, Republican, United, Willamette University, Twitter Locations: America, Virginia, Missouri, United States, Henry's
☆ A $1 trillion platinum coin could save the US from economic catastrophe in less than a month. It would be fast, legal, and no bigger than a regular coin.
  + stars: | 2023-05-03 | by ( Juliana Kaplan | Ayelet Sheffey | ) www.businessinsider.com   time to read: +6 min
One potential solution: Minting a trillion-dollar platinum coin to pay off debts and avert disaster. Some economists say that means it's time for a break-the-glass option: A trillion-dollar coin. The coin — which doesn't need to be bigger than your average purse change, and can be made quickly — is part of a potential debt ceiling loophole. Yes, a trillion-dollar coin is silly, but would Biden "rather not look silly and hurt seniors and hurt Medicare than the other way around?" Yellen has been critical of that route as well, saying in 2021 that she believes it is Congress' job to raise the debt ceiling.
☆ The US could be 4 months away from a potentially disastrous debt-ceiling breach, but nobody's negotiating over how to fix it
  + stars: | 2023-03-04 | by ( Ayelet Sheffey | Juliana Kaplan | ) www.businessinsider.com   time to read: +8 min
GOP lawmakers have refused a clean increase, but have yet to produce details on what they want in a deal. The US could breach the debt ceiling as soon as July, the CBO estimated. That's because no one seems to be ready or willing to negotiate over how to raise the debt ceiling. The debt ceiling dictates how much money the government can borrow to pay off the expenses it's already approved. For now, Biden's administration has maintained that raising the debt ceiling should be done in a bipartisan way, and without negotiations.
☆ Janet Yellen says 'it's not a given that the Fed would' accept a $1 trillion platinum coin to save the US from economic catastrophe
  + stars: | 2023-01-23 | by ( Ayelet Sheffey | Juliana Kaplan | ) www.businessinsider.com   time to read: +5 min
Treasury Secretary Janet Yellen dismissed minting a $1 trillion platinum coin to save the US from default, per the WSJ. Minting a coin would allow the government to bypass negotiations in Congress to raise the debt ceiling. The GOP is currently using the debt limit as a negotiating tool to achieve their own priorities. But Treasury Secretary Janet Yellen wasn't on board with that idea in the past — and she still isn't. She expressed the same sentiment back in 2021, when Congress was dealing with a similar partisan dilemma surrounding raising the debt ceiling.
☆ We could soon be facing the biggest financial crisis in history as Republicans threaten to stop paying America's bills
  + stars: | 2023-01-19 | by ( Ayelet Sheffey | Juliana Kaplan | ) www.businessinsider.com   time to read: +11 min
Republicans are using the debt ceiling as leverage to achieve spending cuts on Democratic priorities. But failing to raise the debt ceiling by the summer could cause the US to default on its debt. Consequences of default are dire, and Biden has urged the GOP to not bargain with the debt limit. "Failure to raise the debt limit will not reduce our debt, but it would wreck the economy if it led to a default. "When you talk about the trillion dollar platinum coin, it sounds very silly — and it is really silly!"
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