The minting of a trillion-dollar coin to surmount a looming impasse over the U.S. debt limit has been ruled out by the U.S. Treasury and Federal Reserve. The current debt ceiling is likely to be exceeded at the end of February. The White House, however, says the responsibility to raise the cap belongs to Congress, with spokesman Jay Carney laying out two options: "Congress can pay its bills or it can fail to act and put the nation into default."

Related Summaries