U.S. Treasury Secretary Jack Lew today called on the Senate to take immediate action this week to address Puerto Rico's debt crisis before the critical July 1 deadline for the island territory's next debt payments, Reuters reported. "The Senate should take up the matter immediately," Lew said in a letter to Senate Majority Leader Mitch McConnell.
Puerto Rico in Distress
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Top Treasury Department and Puerto Rican officials are begging the Senate to move quickly on a bill to help the commonwealth handle more than $70 billion in unpayable debt, The Hill reported today.
Puerto Rico’s government-owned electricity provider won approval to impose a new surcharge on customers to repay bonds, a key step in the utility’s plan to restructure its $9 billion of debt, Bloomberg News reported yesterday.
U.S. Senate Democratic leader Harry Reid said yesterday that amendments were necessary to a Puerto Rico debt bill that Senate Majority Leader Mitch McConnell said would be voted on by next week, Reuters reported yesterday.