Congress Grasps for Puerto Rico Rescue as House's Deadline Nears

With little over a month before a Congressional deadline to forge a rescue for Puerto Rico, House Republicans are headed into the last round of hearings into how to pull the Caribbean island out of its debt crisis.

The House Natural Resources Committee, which has jurisdiction over U.S. territories, is set Thursday to hold its third and probably last hearing on Puerto Rico, while a separate panel will discuss its impact on the bond market. Republicans have focused on potentially imposing federal oversight on the island, which has been pushed to the brink by years of runaway borrowing. In exchange for such authority, Democrats have insisted on giving Puerto Rico legal powers to cut its debt, a step that’s been met with skepticism by Republicans who control the House and the Senate.