Puerto Rico Governor Ricardo Rossello (New Progressive Party) submitted a 10-year fiscal adjustment plan to Puerto Rico’s federally-imposed Financial Oversight and Management Board just before the midnight deadline last night.
It begins by calculating the budget gap over the decade at $55.2 billion versus the $67.5 billion earlier cited by the Board, relying on numbers submitted by the administration of Rossello’s predecessor, Alejandro Garcia Padilla (Popular Democratic Party). The difference comes from much less pessimistic economic projections in the near-term.
Additionally, it would close $33.7 billion of the revised gap. Of this, $19.8 billion would be made up through changes in spending and $12.9 billion through revenue increases.
The spending would be $10.5 billion less than proposed by Garcia Padilla in the plan that he submitted to the Board — which it rejected. Revenue increases proposed by Rossello were $3.4 billion greater.