‘Makes sense’: GOP, Dems unite behind Trump’s plan to fire the penny
Washington D.C. – There has been a bipartisan agreement on Capitol Hill regarding President Donald Trump’s decision to eliminate the penny. Lawmakers from both the Democratic and Republican parties have expressed support for Trump’s move to stop producing new pennies. Trump announced his decision on Sunday, citing the high cost of minting a one-cent coin, which is more than two cents.
Members of Congress were asked for their opinions on Trump’s decision, and many echoed their support for eliminating the penny. Rep. Jared Moskowitz, a Democrat from Florida, praised Trump’s action, calling it possibly the best thing he has done since taking office. Moskowitz pointed out that pennies have not been minted since 2023, and he sees no issue with getting rid of them.
Joining Moskowitz in supporting Trump’s decision was Rep. Jamie Raskin, a Democrat from Maryland. Raskin agreed that it makes financial sense to eliminate the penny, given the high cost of production. Another Democrat, Rep. Ami Bera from California, also voiced his support for Trump’s move, emphasizing that it costs more to make a penny than it is worth.
According to the U.S. Mint, the Treasury Department incurred a loss of over $85 million on penny production in 2024. This financial burden has led many lawmakers, including Republican Rep. Carlos Giménez from Florida and Rep. Juan Ciscomani from Arizona, to back the elimination of the penny. Ciscomani stated that it “makes financial sense” to discontinue production of a coin that costs more to make than its actual value.
Rep. George Latimer, a Democrat from New York, highlighted the importance of considering the impact on local businesses. He mentioned that he is consulting with businesses in his community to determine whether eliminating the penny would simplify or complicate transactions for them. Latimer emphasized the need to support a decision that aligns with the best interests of local businesses.
In conclusion, lawmakers from both parties are in agreement that Trump’s decision to eliminate the penny is a practical and financially responsible move. By ceasing the production of a coin that costs more to make than its value, the government can save money and streamline currency circulation. The support for this decision underscores the bipartisan consensus on the need to adapt to changing economic realities.
