Congress is expected to begin consideration of federal legislation to grant Puerto Rico extraordinary powers to escape a looming debt crisis. The island territory, home to just 3 million people, is faced with a massive $70 billion debt burden.
During negotiations of the omnibus budget deal at the end of 2015, House Republican Speaker Rep. Paul Ryan (R-WI) promised House Democrat Leader Rep. Nancy Pelosi (D-CA) that Congress would consider legislation to grant the Island with bankruptcy protection from its debts. The tentative deadline to begin action was March 31.
The House Natural Resources Committee is drafting a rescue package for Puerto Rico. Hearings on the measure will begin this week. The House conservative Republican Study Committee blasted an early draft of the Puerto Rico legislation, calling it a “bankruptcy-style involuntary restructuring.”
“The discussion draft legislation regarding Puerto Rico’s fiscal situation includes provisions that essentially provide for a federally forced restructuring the island’s debt,” Rep. Bill Flores (R-TX), Chair of the RSC, said in a statement. “This approach is inconsistent with the Republican Study Committee’s position on this issue.”
The island and its supporters in Congress are seeking legislation to grant the territory access to federal bankruptcy courts to unload some of its debt. Currently, Puerto Rico is prohibited from seeking debt relief through bankruptcy.
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This another example of incompetent leadership in the US. We, the Tax Payer, will be borrowing this money to give away without repayment.
ReplyDeleteAny bailout should also include Statehood as Mandatory!
ReplyDeleteNo, just NO
ReplyDeleteSeems to me Mr. Ryan is becoming quite the GOP puppet these days. Interesting. Now we're about to bail out Puerto Rico. Just wondering, when do the working people of this country ever get a break?
ReplyDeleteThen Puerto Rico should be put up for auction.
ReplyDeletethere is NO excuse for this outrageous $70 billion debt. for 3 million people. the liberal leaders spent them into this hole and they should have to dig themselves out. who is accountable for this crap? NO ONE. BUT 'we the people' are going to get stuck with the bill once again!!! Enough already. TRUMP2016
ReplyDeletePuerto Rico should NOT be a state. EVER!
ReplyDelete2:44 - No statehood - no bailouts! They have shown they re NOT smart enough to elect people that will run their territory properly - make them a state and we'll have two more dumbocrats in the senate and one more in the house.
ReplyDeleteLet the private sector give them a loan and put a lien on everything - when they default (and they will), the private sector will own it and can run it like a business from then on!
3:30 has it right - sell it to the highest bidder - like an auction!
ReplyDeleteFollow the money. More corruption at top levels. Time for change people.
ReplyDeleteWe're responsible for this and we get to eat the outcome.
ReplyDeleteSpecial interest at its best,billionaires buying up everything in Puerto Rico and tell Obama to bail them out.
ReplyDeleteLet them go until it gets to 20 TRILLION! Then we'll talk...
ReplyDeleteThe sad thing is everyone talking like its no big deal anymore like this country can continue to operate at such wreckless proportions. Trains about to come off the tracks
ReplyDeleteAmazing. We're $19Trillion in debt. DEBT. We have NO MONEY to bailout anyone much less ourselves. This is the reason why voters need to vote this nonsense OUT of DC, once and for all. Clearly they lack any common sense or basic math skills.
ReplyDeleteSomebody better think about bailing out Tax Paying American people, first. We definitely need help for the middle class, the poor, senior citizens, the disable and veterans right here, right now.
ReplyDelete1037 here here. Exactly why we need someone in the WH that doesn't have any other special interest group than US! The people in this country who are legal and do all the working, living and dying here. WE should be the only special interest group in DC. It's time to vote 'em out.
ReplyDeleteEver heard of the "Domino Theory"....Illinois is up next, Followed by Michigan. Its a free-spending politicians dream!
ReplyDeleteGive your constituents free electricity, free housing, subsidize EVERYTHING and hand the bill to OTHER tapxayers living hundreds or thousands of miles away.
Why don't WE declare THEM "free and independent"?
Cut the ties to this bankrupt, sleazy, pretty darn stupid group of moochers while we are only 19 TRILLION DOLLARS IN DEBT.
For the REALLY stupid, read that again.
FOR the unparalleled stupid, keep cheering.