LogFAQs > #973286222

https://nymag.com/intelligencer/2023/05/biden-can-win-the-debt-ceiling-fight-with-consol-bonds.html

Huh. Apparently Biden and the Department of Treasury have a way to exploit a loophole to get around the debt ceiling.

and no not the coin (which remains the funniest solution)

Legally the debt ceiling is defined by the amount of principal the government must repay. However, the treasury has the power to issue consol bonds - bonds that have no principal, but instead indefinite interest payments - and could therefore bypass the problem entirely.

The downside is that Treasury would likely have to issue them at a high interest rate - essentially raising the cost of financing the government. But the upside is that it's a supremely boring and legal way they can circumvent the manufactured crisis. Invoking the 14th Amendment to declare the debt ceiling unconstitutional or minting the coin are probably preferable since they lack that downside but also they probably end up at SCOTUS and who knows what the fuck they do.