Post by Logan on Jun 21, 2016 22:36:44 GMT -6
WASHINGTON (AP) — Treasury Secretary Jack Lew on Tuesday faced Senate Democrats skeptical about a rescue package for debt-stricken Puerto Rico, raising doubts about its fate just 10 days before the U.S. territory must make a $2 billion payment to creditors.
"The question at the end of the day will be, does Congress act to give Puerto Rico the tools, a lifeline, so that the 3.5 million Americans who live in Puerto Rico don't get plunged into chaos?" Lew told reporters after the closed-door meeting.
He made the trip to Capitol Hill to pressure Democrats to support the package, which would create a new control board and restructure some of the U.S. territory's $70 billion debt. Senate Democratic leader Harry Reid said his caucus has serious concerns about the bill despite President Barack Obama's support for the legislation.
Reid did not detail what concerns were expressed, but indicated Democrats may want to try to strike a provision allowing the Puerto Rican government to temporarily lower the minimum wage for some younger workers.
Read more: newsok.com/democrats-could-slow-passage-of-puerto-rico-rescue-bill/article/feed/1030338?articleBar=1
"The question at the end of the day will be, does Congress act to give Puerto Rico the tools, a lifeline, so that the 3.5 million Americans who live in Puerto Rico don't get plunged into chaos?" Lew told reporters after the closed-door meeting.
He made the trip to Capitol Hill to pressure Democrats to support the package, which would create a new control board and restructure some of the U.S. territory's $70 billion debt. Senate Democratic leader Harry Reid said his caucus has serious concerns about the bill despite President Barack Obama's support for the legislation.
Reid did not detail what concerns were expressed, but indicated Democrats may want to try to strike a provision allowing the Puerto Rican government to temporarily lower the minimum wage for some younger workers.
Read more: newsok.com/democrats-could-slow-passage-of-puerto-rico-rescue-bill/article/feed/1030338?articleBar=1