House Republicans and Democrats have reached a deal with the White House to try to rescue Puerto Rico from $70 billion in debt as millions of Americans in the cash-strapped U.S. territory struggle with the loss of basic services, ABC News reported yesterday. A revised House bill would create a board to help manage the territory's financial obligations and restructure some debt.
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Republicans on the House Natural Resources Committee yesterday introduced a new measure aimed at giving Puerto Rico the tools to restructure about $70 billion in debt, MorningConsult.com reported today. The legislation — H.R. 5278, sponsored by Rep. Sean Duffy (R-Wis.) — includes several “minor” changes to the previous measure, H.R. 4900, according to Committee Chairman Rob Bishop (R-Utah).
Democratic presidential candidate Sen. Bernie Sanders (I-Vt.) said yesterday that the Federal Reserve should use its authority to extend aid to Puerto Rico to help the island with its $70 billion debt crisis, MorningConsult.com reported.
U.S. House of Representatives Speaker Paul Ryan said on Friday that an updated bill dealing with Puerto Rico's debt will be introduced in "the coming days,” Reuters reported. "Right now, we are working with the Natural Resources committee, the administration, and our Democratic counterparts to iron out the final constitutional and legal questions surrounding the legislation," Ryan said.