Puerto Rico is pushing for its water utility to borrow hundreds of millions of dollars to avoid a July bond default, seeking to overcome investors’ skepticism as the island’s fiscal crisis pushes it to skip payments on a growing share of its $70 billion of debt, Bloomberg News reported yesterday.
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Lawmakers have missed one deadline to prevent Puerto Rico from defaulting on its debt, and they’re trying to figure out how to build support for legislation that could prevent a second missed payment, Bloomberg News reported today. Republicans are seeking to produce a revised bill as early as Wednesday, while U.S. Treasury Secretary Jacob J.
Lawmakers are planning to roll out a new bill to help Puerto Rico restructure its debt on Wednesday, MorningConsult.com reported yesterday. A legislative staffer said that the new language will be introduced under a new bill number. The current plan is to have Rep. Sean Duffy (R-Wis.) remain the bill’s lead sponsor. He sponsors the current bill, H.R. 4900.
House Democrats are stepping up pressure on Republicans to advance legislation addressing Puerto Rico’s worsening debt crisis by issuing a report arguing that austerity cuts can’t be sustained and have made the island more vulnerable to the mosquito-borne Zika virus, Bloomberg News reported yesterday.