Welcome to DU!
The truly grassroots left-of-center political community where regular people, not algorithms, drive the discussions and set the standards.
Join the community:
Create a free account
Support DU (and get rid of ads!):
Become a Star Member
Latest Breaking News
General Discussion
The DU Lounge
All Forums
Issue Forums
Culture Forums
Alliance Forums
Region Forums
Support Forums
Help & Search
General Discussion
Related: Editorials & Other Articles, Issue Forums, Alliance Forums, Region ForumsCongress, White House strike rescue deal for Puerto Rico
https://www.yahoo.com/news/house-gop-moves-forward-help-puerto-rico-delays-072325946--politics.html?nhp=1WASHINGTON (AP) House Republicans and Democrats reached a rare, election-year 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.
A revised House bill introduced late Wednesday would create a board to help manage the territory's financial obligations and restructure some debt. Negotiations between the Obama administration and House Speaker Paul Ryan's office helped finalize the legislation.
It is a "fair, but tough bipartisan compromise," Treasury Secretary Jack Lew said.
Ryan, R-Wis., said the legislation would avoid an eventual taxpayer bailout.
Puerto Rico, mired in a decade-long recession, already has missed several payments to creditors. A $2 billion installment, the largest yet, is due July 1.
The island's businesses have shuttered, schools lack sufficient resources like electricity and some hospitals are limiting treatment or drugs. Puerto Rico's governor used a state of emergency this week to protect one public agency from lawsuits.
InfoView thread info, including edit history
TrashPut this thread in your Trash Can (My DU » Trash Can)
BookmarkAdd this thread to your Bookmarks (My DU » Bookmarks)
3 replies, 578 views
ShareGet links to this post and/or share on social media
AlertAlert this post for a rule violation
PowersThere are no powers you can use on this post
EditCannot edit other people's posts
ReplyReply to this post
EditCannot edit other people's posts
Rec (6)
ReplyReply to this post
3 replies
= new reply since forum marked as read
Highlight:
NoneDon't highlight anything
5 newestHighlight 5 most recent replies
Congress, White House strike rescue deal for Puerto Rico (Original Post)
WhiteTara
May 2016
OP
Paul Ryan, huh. Hopefully it doesn't involve turning any of us into mulch. nt
Guy Whitey Corngood
May 2016
#3
An issue important enough to actually sit down, talk, negotiate, and compromise.
Instead of saying, "We're right and as long as we can blame the other side, we're okay with the outcome."
branford
(4,462 posts)2. Congress and the President are about to take full control over
all of Puerto Rico's finances, and it still probably will not solve the myriad of long-term financial problems facing the island, particularly since Congress is not about to reinstate industrial tax benefits nor provide any bailout money.
Democracy is about to die in Puerto Rico, and they're still royally f@ucked for the foreseeable future.
Guy Whitey Corngood
(26,507 posts)3. Paul Ryan, huh. Hopefully it doesn't involve turning any of us into mulch. nt