Post by Logan on May 14, 2016 10:04:21 GMT -6
WASHINGTON — House Republicans have missed a self-imposed deadline for a plan to help Puerto Rico manage $70 billion in debt, adjourning Friday without introducing a bill.
Legislation was expected this week to create a control board to help manage the U.S. territory’s financial obligations and oversee some debt restructuring. It would have been the third version of the House bill, which has come under fire from conservatives who feared it would set a precedent for financially ailing states and from Democrats who are concerned the control board would be too powerful and favorable to creditors.
House Speaker Paul Ryan, R-Wis., said negotiations continue with Democrats and the Obama administration and a plan will be introduced in “the coming days.”
www.post-gazette.com/news/nation/2016/05/14/GOP-misses-Puerto-Rico-aid-deadline/stories/201605140087
Legislation was expected this week to create a control board to help manage the U.S. territory’s financial obligations and oversee some debt restructuring. It would have been the third version of the House bill, which has come under fire from conservatives who feared it would set a precedent for financially ailing states and from Democrats who are concerned the control board would be too powerful and favorable to creditors.
House Speaker Paul Ryan, R-Wis., said negotiations continue with Democrats and the Obama administration and a plan will be introduced in “the coming days.”
www.post-gazette.com/news/nation/2016/05/14/GOP-misses-Puerto-Rico-aid-deadline/stories/201605140087