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1. Many question whether that gold is even in the US' government possession anymore. There is a lot of evidence that makes that question very plausible.
2. $300 Billion... IF the feds still possess that gold, uhm... yay? It can finance the government for what, 26 days? The 2013 *ahem* "budget" has $3.3 Trillion of expenditures in it. Now, if the suggestion was to block the government from borrowing and cut them off from the tax payers' mistreated teat and tell them "Here, take this $300 Billion in gold and figure out how to run the nation on it or get out." I'd be all for it. Hell, I'd be outside dancing in the street over it.
3. If the feds did dump $300 Billion in physical gold, the resulting crash in gold values would likely be counter productive, with quite a few Americans suddenly declaring investment losses on their physical gold holdings, tax revenue could very well exceed the stick price for the federal sell off.