Former Head of U.S. Mint Says Trillion Dollar Coin is Legal

Philip Diehl, head of the U.S. Mint from 1994-2000, tells Capital New York that the minting of a trillion dollar coin to circumvent a fight over the debt ceiling is perfectly legal.

Diehl was head of the Mint when the law giving authorization for such a move was passed and says, "My understanding of how this all works suggests that this is a viable alternative."

He added: "One of the ironies in this story is that a GOP Congress passed the legislation over the objections of a Democratic Treasury, and now, today, Treasury may well be in a position to use the law as leverage to neutralize the GOP's threat to hold the debt limit hostage."

The Daily Beast has more on the possible tactic.