President Donald Trump's decision to eliminate the penny has garnered bipartisan support from Democratic and Republican lawmakers. Trump announced on Sunday that he had directed the Treasury Department to cease production of new pennies, citing the fact that it costs more than two cents to mint a one-cent coin.
Lawmakers on Capitol Hill expressed agreement with Trump's move, with Rep. Jared Moskowitz, D-Fla., calling it potentially the best decision Trump has made during his time in office. Moskowitz noted that pennies have not been minted since 2023, making their elimination a logical step.
Rep. Jamie Raskin, D-Md., echoed Moskowitz's sentiment, emphasizing that the cost of producing a penny outweighs its actual value. Other Democrats, such as Rep. Ami Bera, D-Calif., also voiced support for discontinuing the penny.
According to the U.S. Mint, the Treasury Department incurred a loss of over $85 million in 2024 due to the production of pennies. This financial burden has led lawmakers like Rep. Carlos Giménez, R-Fla., and Rep. Juan Ciscomani, R-Ariz., to agree that eliminating the penny makes financial sense.
Rep. George Latimer, D-N.Y., emphasized the importance of considering the impact on local businesses. He stated that he is consulting with businesses in his community to determine whether the removal of the penny would simplify or complicate transactions for them.
In conclusion, the consensus among lawmakers is that Trump's decision to eliminate the penny is a practical and financially sound move, given the cost disparity between minting the coin and its actual value. The potential benefits for businesses and the government's financial savings are key factors driving support for this decision.
