With the US debt ceiling fast approaching, wacky workarounds enter the chat

11th-hour dramatics… with the largest economy on the line. President Biden and House Speaker McCarthy met yesterday to discuss the debt ceiling, which the government could hit as soon as June 1. If elected officials fail to reach an agreement, Treasury Secretary Yellen predicted an "economic catastrophe." Now, instead of waiting on budget consensus, experts are proposing alternative solutions so that the US can keep paying its bills:

• Pocket change: #MintTheCoin proponents — including legal scholars and pundits — argue that the Treasury could mint a single trillion-dollar coin. Poof: $$ problems gone.

• Not your parents' bonds: Nobel Prize-winning economist Paul Krugman said the US could issue “premium bonds,” which would have higher interest rates and could theoretically be sold at above face value.

• Constitution check: When all else fails, ignore it? Some say that the 14th Amendment renders the debt ceiling unconstitutional.

Yellen for a solution… Janet Yellen said it's unlikely the Fed would accept a trillion-dollar coin, and even fans of the premium-bond play say it could run into legal speed bumps. But if officials don't reach an agreement to raise (or suspend) the ceiling, the Treasury could be forced to decide which bills to pay. Picture: interest still paid on Treasury securities, but paused Social Security checks and delayed federal-contractor payments. Meanwhile, the White House warned that a protracted default could lead to millions of job losses, plunging stock values, and an "immediate" recession.