Congress, White House strike rescue deal for Puerto Rico

[WhiteTara]

https://www.yahoo.com/news/house-gop-moves-forward-help-puerto-rico-delays-072325946--politics.html?nhp=1

WASHINGTON (AP) — House Republicans and Democrats reached a rare, election-year deal with the White House to try to rescue Puerto Rico from $70 billion in debt as millions of Americans in the cash-strapped U.S. territory struggle with the loss of basic services.

A revised House bill introduced late Wednesday would create a board to help manage the territory's financial obligations and restructure some debt. Negotiations between the Obama administration and House Speaker Paul Ryan's office helped finalize the legislation.

It is a "fair, but tough bipartisan compromise," Treasury Secretary Jack Lew said.

Ryan, R-Wis., said the legislation would avoid an eventual taxpayer bailout.

Puerto Rico, mired in a decade-long recession, already has missed several payments to creditors. A $2 billion installment, the largest yet, is due July 1.

The island's businesses have shuttered, schools lack sufficient resources like electricity and some hospitals are limiting treatment or drugs. Puerto Rico's governor used a state of emergency this week to protect one public agency from lawsuits.

[Igel]

1. Wow.

An issue important enough to actually sit down, talk, negotiate, and compromise.

Instead of saying, "We're right and as long as we can blame the other side, we're okay with the outcome."

[branford]

2. Congress and the President are about to take full control over

all of Puerto Rico's finances, and it still probably will not solve the myriad of long-term financial problems facing the island, particularly since Congress is not about to reinstate industrial tax benefits nor provide any bailout money.

Democracy is about to die in Puerto Rico, and they're still royally f@ucked for the foreseeable future.

[Guy Whitey Corngood]

3. Paul Ryan, huh. Hopefully it doesn't involve turning any of us into mulch. nt