With Kevin McCarthy as Speaker, Congress faces a messy debt ceiling fight — and Biden might have to mint a trillion dollar platinum coin

Jan 9 2023 by Business Insider

 
House Speaker Kevin McCarthy holds the speaker's gavel high after winning election as speaker of the House early Saturday morning.

Win McNamee/Getty Images

To get elected Speaker, Kevin McCarthy had to reach a series of agreements with the GOP holdouts. Those included using the debt ceiling as leverage to slash spending on Democratic priorities like Social Security. Biden could technically sidestep Congress by minting a $1 trillion platinum coin to avoid default.

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