House of Representatives Speaker Paul Ryan (R) said yesterday that very good progress was being made on a bill to help Puerto Rico tackle its $70 billion debt, but gave no timetable on when the legislation would be advanced, Reuters reported. "They're working with the Treasury on technical details on how restructuring works right now. I think they're making very good progress," said Ryan.
Puerto Rico in Distress
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Top Republican and Democratic House leadership staff are gathering with policy aides and Treasury Department officials to talk over next steps on the stalled Puerto Rico rescue bill, Politico reported today.
The peak of Puerto Rico’s mountain of debt is obscured in the clouds of unaudited financial statements, but what we can see looks nearly impossible to scale, according to a commentary today by Rep. Bruce Westerman (R-Ark.) in the Washington Post.
Puerto Rico bondholders are lining up on different sides of the battle in Congress over legislation to rescue the island from financial collapse as lawmakers rewrite the bill in an effort to overcome opposition from Democrats and Republicans, Bloomberg News reported today.