Walden is hoping to address a possible loophole in the debt-limit fight. | M.Scott Mahaskey/POLITICO GOP pol's bill bans minting $1T coin

Lawmakers are still positioning themselves for a debt ceiling fight in a few months, but one Republican congressman wants to snuff out a particular idea immediately: the U.S. Treasury minting $1 trillion platinum coins to avert a debt ceiling showdown.

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Rep. Greg Walden (R-Ore.) has introduced a bill to specifically ban President Barack Obama from minting the coins.

“This scheme to mint trillion dollar platinum coins is absurd and dangerous, and would be laughable if the proponents weren’t so serious about it as a solution,” Walden said in a statement. “My bill will take the coin scheme off the table by disallowing the Treasury to mint platinum coins as a way to pay down the debt.”

The idea, which has won the support of Rep. Jerry Nadler (D-N.Y.) and economist Paul Krugman, would allow Obama to mint the platinum coin if the nation moves close to defaulting during the debt ceiling debate with Republicans in the coming months.

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