There are laws concerning how much money the government is allowed to print. The odd thing though is it is by material, so much paper, gold, copper, and silver money. There is a loophole in so far as it doesn't mention how much platinum money can be printed(not sure you would call it a loop hole since it also doesn't mention how much green cheese money can be made). So the proposal is to print their way out of the debt crisis. It isn't a serious proposal as it would cause insane amounts of inflation(other countries that have tried it have hit inflation rates above 100% a year). The white house has officially come out against it.
http://abcnews.go.com/blogs/politics/2013/01/white-house-den...