The Thing That Should Not Be

United States Department of the Treasury headquarters in Washington, D.C. (Andrew Kelly/Reuters)
Before the U.S. Treasury is needlessly forced to default on the government’s obligations, Congress should raise or suspend the debt limit.

NRPLUS MEMBER ARTICLE I magine it’s the evening of October 17 . . .

The dark of night engulfs the District of Columbia, and Congress has yet to fix the debt limit. Officials gather in the belly of the Beltway beast, and all those present know what is to come: Tomorrow morning, as predicted, the U.S. Treasury will default on the government’s obligations. Time has run out. A desperate President Biden instructs the U.S. Treasury to deposit a secretly minted coin at the Federal Reserve Board. Although having implied to Congress weeks earlier that she would not do so, Secretary Yellen quietly resolves to do

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Christopher M. Russo is a research fellow with the Mercatus Center at George Mason University. Prior to joining Mercatus, he advised top policymakers at the Federal Reserve on monetary policy and sovereign debt management.


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