No plan for platinum coins: US Treasury Dept

WASHINGTON - The US Treasury Department said on Saturday it will not produce platinum coins as a way to avoid an increase in the US debt ceiling.

The idea has gained some momentum among Democrats in recent days with Republicans threatening another debt ceiling showdown over spending cuts. The United States is expected to reach its debt limit in February.

"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," said Treasury spokesman Anthony Coley in a statement.