A proposed solution reemerged throughout different economic and political circles: the big, fat, $1 trillion-dollar coin—also known as the ‘Big Coin’. Before we get to the coin, let’s talk about the debt ceiling: The debt ceiling currently stands at $31.4 trillion. Once again, the debt limit on government spending has been breachedHere’s an analogy to describe the debt ceiling — it’s as if the U.S. has a collective credit card and we are about to hit our spending limit. In fact, the government had raised the debt ceiling 78 times since 1960 according to the Department of Treasury. If not, proponents of the “Big Coin” will keep pushing for its creation.

Source: Wall Street Journal January 23, 2023 20:42 UTC