(AP) — President Donald Trump says he has directed the Treasury Department to stop minting new pennies, citing the cost of producing the one-cent coin.
“For far too long the United States has minted pennies which literally cost us more than 2 cents. This is so wasteful!” Trump wrote in a post Sunday night on his Truth Social site. “I have instructed my Secretary of the US Treasury to stop producing new pennies.”
Trump’s new administration has been sharply focused on cutting costs, targeting entire agencies and large swaths of the federal workforce for dismissal.
“Let’s rip the waste out of our great nations budget, even if it’s a penny at a time,” he wrote.
Trump sent the message after attending the first half of the Super Bowl in New Orleans.
lurkandnomore on February 10th, 2025 at 15:03 UTC »
Great idea. Love it. Should have been done.
Should NOT be done via EO. We have got to strip the executive branch of all this power. EOs cannot be the law of the land and the president is not a king. It was wrong when Biden did it, it was wrong when Obama did it, it was wrong when Dubya did it and so on.
AudibleNod on February 10th, 2025 at 14:27 UTC »
https://constitution.congress.gov/browse/essay/artI-S8-C5-1/ALDE_00001066/
Once again, the current administration taking away Congress's Constitutionally derived powers. When is the GOP going to act?
angstt on February 10th, 2025 at 14:19 UTC »
...
Even a broken watch is right twice a day, I guess...
It would be much cheaper to have a one-time penny buy back for say, 110% of face value than it is to mint new ones...