In response to the looming battle over the nation’s debt ceiling, President Obama is being pressured to bypass Congress and free up more money to spend through an unprecedented  accounting maneuver. The trick? To have the U.S. Treasury mint a platinum coin worth at least $1 trillion. Once the coin is deposited at the Federal Reserve, the Treasury will have its account credited. The government can then spend freely from this account.

Obama’s supporters claim this trick would have no effect on the dollar’s value but there is no way they can know for sure. In all likelihood, such a desperate measure would be met by revolt in the bond market. It would undermine the confidence in the U.S. government and the dollar. Interest rates may rise and the cost of servicing the national debt would rise in tandem.

By threatening to use the platinum coin trick, the President is playing with fire. The administration has yet to rule out using the coin and is being encouraged to go along with the scheme by progressive politicians and leftist economists.

The time for games if over. Tell Congress to get serious about getting spending under control. If the country is going to breach the debt limit, there has to be a real plan in place to stop the massive run-up in debt.