KEYSTONE, S.D. (CBS St. Louis) — A recent petition created on the White House’s official page is calling for the U.S. government to pawn Mount Rushmore to the Federal Reserve in order to cover the national debt.
“Pawn Mount Rushmore to the Federal Reserve if Treasury can’t pay the interest on the debt after a debt ceiling breach,” the call to action states. “The government needs a backup plan to pay the interest on our debt if we go past the debt ceiling and prioritization fails.”
So far, only 16 people have signed the petition as of Monday afternoon. Those behind the initiative hope to secure a total of 25,000 signatures by Feb. 13.
The petition, created Jan. 14, asserts that pawning the national monument is the best plan on the table, after the movement to mint a new trillion-dollar platinum coin failed to garner government support.
While speaking with The Washington Post, Treasury spokesman Anthony Coley addressed the matter.
“Neither the Treasury Department nor the Federal Reserve believes that the law can or should be used to facilitate the production of platinum coins for the purpose of avoiding an increase in the debt limit,” he told the Post. “The Treasury Department will not mint a trillion-dollar platinum coin to get around the debt ceiling. If they did, the Federal Reserve would not accept it.”
The petition acknowledged the lack of success of the previous movement, stating, “Now that #MintTheCoin [sic] is dead, our best option is clearly to sell Mount Rushmore to the [Federal Reserve], and buy it back later once our cash flow problem is solved.”