House Republicans Lean Toward Federal Oversight for Puerto Rico
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The U.S. Capitol building stands prior to U.S. President Barack Obama's State of the Union speech on January 24, 2012 in Washington, DC.
Photo by Mark Wilson/Getty ImagesLawmakers in the U.S. House showed support for establishing federal oversight of Puerto Rico as Congress looks for ways to help the island emerge from a fiscal crisis brought on by $70 billion of debt.
The House Natural Resources Committee Tuesday spent about two hours discussing the possibility of putting a U.S. authority in place to help end to the chronic budget strains that have pushed the Caribbean island to default on some of its bonds. The idea has gained backing with Republicans as the House seeks to craft legislation the end of March to assist the U.S. territory, though the scope of the new federal powers are still being considered.