POLITICS
03/25/2016 10:43 am ET

House Republicans Are Working On A Plan To Help Puerto Rico

And Democrats say GOP leaders are negotiating in good faith.
House Speaker Paul Ryan (R-Wis.) has been supervising an effort by House Republicans to help Puerto Rico emerge from its
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House Speaker Paul Ryan (R-Wis.) has been supervising an effort by House Republicans to help Puerto Rico emerge from its debt crisis.

Politicians in Washington are coalescing around a financial plan to rescue Puerto Rico, just weeks before an expected major default on bond payments that would spread more turmoil through the island’s shaky economy.

The plan, being drafted as legislation by House Republicans, would not grant Puerto Rico’s most fervent request: permission to restructure its entire $72 billion debt in bankruptcy. It would, however, give the island certain crucial tools that bankruptcy proceedings can offer — but only if it first comes under close federal oversight and meets other conditions.

Read more on The New York Times

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