The deal that has been reached to end the government shutdown pushes the problem down the road. According to the agreement, the short-term plan would finance the government through early January and raise the debt limit through early February. That means we could fighting the same shutdown in just a few months.
But there are some options that have been floated around that could end the debt-ceiling crisis for a little longer, even though they are often referred to as accounting tricks.
One of the ideas to cut down our debt is for the Treasury to mint a trillion-dollar platinum coin. Longtime coin collector and dealer Steve Rye said the idea is entirely legal. In fact, the bill that just passed allows the U.S. Treasury to use "extraordinary measures" to delay a default.
"It appears that the law would permit that," said Rye.
"The Treasury does have the power under the current legislation to mint any type of platinum coin they would like," he continued, but added it would be extremely unlikely the government would go down this path.
Another debt ceiling buster would be issuing what's known as premium treasury bonds.
"The interest rate would be fairly similar to what we're seeing now, but maybe with a slight premium, which is where the name comes from, and it would also end this debt debate today," said Michael Carlin, a financial planner and co-owner of Scottsdale-based Wealth Management LLC.
Carlin says issuing premium treasury bonds is a short-term fix. The problem arises when the bonds are later cashed in - say by China, since the higher rate means the U.S. will have to pay out more to bond holders in the future.
"The reality long-term is that it doesn't put us in a better situation," he said.
Experts said it's unlikely lawmakers would use either of these "tricks," but they say it's a possibility.
Copyright 2013 CBS 5 (KPHO Broadcasting Corporation). All rights reserved.
The Michigan Department of Health and Human Services confirmed a bakery food worker at the Meijer store located at 1015 Pickard Street in Mt. Pleasant was diagnosed with the illness.More >
The Michigan Department of Licensing and Regulatory Affairs (LARA) has served an order suspending the medical license of Steven Michael Morris, of Midland.More >
A local community is raising money for the family of a Central Michigan University senior who was killed in a crash.More >
Local police are puzzled after an argument between supposed friends escalated into a deadly stabbing.More >
Michigan health officials are continuing to investigate an outbreak of hepatitis A in the southeast portion of the state.More >
A 4-year-old Florida girl has died after accidentally pulling the trigger of a gun when she reached into her grandmother's purse for candy.More >
A Michigan man charged with second-degree murder in a crash that killed five people has been bound over for trial.More >
Sonya Nelson says her niece, Life Lynn DeKlyen, died Wednesday evening at University of Michigan Hospital in Ann Arbor. Life's mother, Carrie DeKlyen, died Sept. 9, three days after giving birth to her sixth child.More >
Meijer now offers perfectly-imperfect produce for customers who want to reduce food waste at a reduced price.More >