As Puerto Rico Crisis Worsens, Congress Shows No Rush to Assist
- Grassley says no bill until he analyzes Puerto Rico situation
- Island's governor says move to avert default `unsustainable'
Puerto Rico’s New Debt Crisis Plan
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U.S. lawmakers gave little indication that they will soon act to rescue Puerto Rico from its fiscal crisis as Governor Alejandro Garcia Padilla urged them to give the island power to file for bankruptcy so it can restructure its $70 billion in debt.
Senator Chuck Grassley, the chairman of the judiciary committee, said the island’s strains are the result of years of fiscal mismanagement that wouldn’t be fixed with bankruptcy. He said no bill is imminent to assist Puerto Rico, which narrowly averted defaulting on bond payments due Tuesday.