“At a time when our military is being forced to reduce its ability defend against threats to our security because of sequestration, it makes sense to me that Congress would agree to make common sense steps like the COINS Act to reduce our debt,” the Arizona Republican said. “A four year transition from the $1 bill to the $1 coin could result in billions of dollars in real savings that we should all be able to support.”

McCain was appearing at an event hosted by Citizens Against Government Waste and the Dollar Coin Alliance to promote bipartisan legislation that he’s co-sponsored to phase out the dollar bill in favor of dollar coins. Not surprisingly, he linked it to his push to soften the effect of automatic budget cuts hitting the Defense Department.