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October 23, 2015

Admin Asks Congress to Back Bankruptcy Help for Puerto Rico 
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The Obama administration is warning Puerto Rico faces a humanitarian
crisis unless Congress takes steps to address its crushing debt. The
White House wants lawmakers to approve bankruptcy protection for the
U.S. territory, expand Medicaid and impose a control board to oversee
Puerto Rico's finances. U.S. Treasury counselor Antonio Weiss made the
appeal before a Senate panel.

Antonio Weiss: "I can tell you with total confidence that Puerto Rico's
fiscal crisis is escalating and it is very real, and that without
federal action it could easily become a humanitarian crisis, as well.
Congress should pass legislation, already introduced, that provides
Chapter 9 protection to Puerto Rico's municipalities and public
corporations. But Congress should also authorize a broader legal
framework that allows for a comprehensive restructuring of all of Puerto
Rico's outstanding debt."

 

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