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 Replies: 141 / Views: 11,503 |
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Pillar of the Community
527 Posts |
http://news.coinupdate.com/obama-bu...itions-1217/Quote:
President Obama's recently submitted 2013 Budget includes a proposal to provide the United States Mint with greater flexibility in the material composition of circulating coins. Specifically, the Budget seeks to enable the Treasury Department to explore, analyze, and approve new, less expensive metals for all circulating coins...
The 2013 Budget is somewhat odd in that it takes credit for the decision to halt the production of "excess dollar coins " as an example of the Administration's moves to cut wasteful spending (Cuts, Consolidations, and Savings page 2), but then later acknowledges that the suspension will reduce the amount of revenue generated by the Mint to offset losses generated from the cent and nickel... I can't wait to hear what J.Buck has to say about this. 
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Pillar of the Community
United States
4132 Posts |
The budget, even if passed by congress (which it won't be), doesn't have the force of law. Budget resolutions are just guidelines or aspirations about how money ought to be spent and they're not binding. Congress can ignore, amend, change, pass or not pass a budget resolution and it doesn't really affect anything.
Appropriation bills are what actually allocate money to different things and set spending limits and budgets for projects or agencies.
In that sense, the appropriations committees are the one with the power, not the budget committees.
(This is just a technical note about how budget resolutions actually work and what they mean - not a political statement)
Edited by CaptainFwiffo
02/14/2012 3:00 pm
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Moderator
 United States
6563 Posts |
Interesting. Curious to see how this plays out
Now boys and girls please keep this coin related. It this gets political then this thread will locked tighter than FDR's legs.
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Moderator
 United States
187630 Posts |
Quote:
I can't wait to hear what J.Buck has to say about this. The first thing I have to say is... Please, do not quote the entire copyrighted article! I left the most important part in there.  The way I see it, the Treasury should be given the authority to halt production of cents and nickels by the Mint and one dollar notes by the BEP.  Problem solved.  |
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Pillar of the Community
United States
4132 Posts |
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...locked tighter than FDR's legs. Too soon? |
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Pillar of the Community
United States
2295 Posts |
At least they acknowledge it in writing somewhere, even if it is not in the correct place, which is the first step.
Now we have to wait and see.
The big question is, does the Treasury even care, since these problems have been going on for so many years and continue to get worse?
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Pillar of the Community
United States
1796 Posts |
One thumb up: Giving the Mint more flexibility.
Two thumbs down: Cutting the $1 coin program under the mistaken excuse that it "saves money" in spite of the last 5 reports from the GAO.
Net effect: Still a thumbs down.
Hopes: The administration warms up to eliminating the $1 bill in favor of the $1 coin. :-) Then there will be three thumbs up.
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Moderator
United States
187630 Posts |
Quote:
Hopes: The administration warms up to eliminating the $1 bill in favor of the $1 coin. :-) Then there will be three thumbs up.  I could not resist. Quote:
The big question is, does the Treasury even care, since these problems have been going on for so many years and continue to get worse? I believe they would care more than the federal government as a whole, or at least congress in particular. Any money they can save within their own budget will allow them to spend it somewhere else (I am thinking pay raises, am I right?) or at least allow them to say they made an effort to reduce their own burden on the taxpayers. |
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Pillar of the Community
 527 Posts |
Why did you edit my topic, jbuck? That makes me sad.  Edited by TheDanMan
02/14/2012 8:19 pm
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Pillar of the Community
United States
1770 Posts |
haha if only things were that easy I want the return of the 2 cent coin! afterall there is a 2 dollar bill right? haha
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Pillar of the Community
United States
870 Posts |
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Too soon? Dang. Beat me to it. |
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Moderator
United States
6563 Posts |
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Too soon? I knew a few people would get the subtle Family Guy reference. |
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Pillar of the Community
United States
1007 Posts |
"explore, analyze, and approve new, less expensive metals for all circulating coins..."
Does that mean new denominations too? Like a 2ยข coin for collectors?
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Moderator
United States
187630 Posts |
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Why did you edit my topic, jbuck? That makes me sad. I had to. You had quoted the entire article; one that belongs to another website. You only need to post the link and maybe quote a portion of it for comment. Anyone who wanted to read the whole article could click the link. It was not personal, just looking out for the Community's best interest. |
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Bedrock of the Community
United States
17884 Posts |
Quote:
President Obama's recently submitted 2013 Budget includes a proposal to provide the United States Mint with greater flexibility in the material composition of circulating coins. Specifically, the Budget seeks to enable the Treasury Department to explore, analyze, and approve new, less expensive metals for all circulating coins... They passed that last year. And the mint has ALWAYS had the authority to run test and experiments investigating alternate metal compositions. They just can't implement them without Congressional approval. So this proposal is not only nothing new, but it proposes giving them an authority they already have. Quote:
The 2013 Budget is somewhat odd in that it takes credit for the decision to halt the production of "excess dollar coins " as an example of the Administration's moves to cut wasteful spending (Cuts, Consolidations, and Savings page 2), but then later acknowledges that the suspension will reduce the amount of revenue generated by the Mint to offset losses generated from the cent and nickel... Interesting, an admission that they don't know what they are doing and that they don't understand the results of their actions. |
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Valued Member
United States
126 Posts |
SMH, I do hope they bring back some denominations for collectors. That would rock.
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Replies: 141 / Views: 11,503 |
Posted 02/14/2012 12:27 pm
