McCarthy ‘Hopeful’ House Will Pass Puerto Rico Bill by July 1
- Majority leader says House will miss May 1 debt payment date
- Island could default on $2 billion in July without help
House Majority Leader Kevin McCarthy speaks to the media on Nov. 3, 2015, in Washington.
Photographer: Mark Wilson/Getty ImagesThis article is for subscribers only.
The No. 2 Republican in the U.S. House conceded Tuesday that Congress will miss one deadline for action on a bill to address Puerto Rico’s debt woes, and he didn’t commit to acting before an even more critical July 1 payment the island must make.
"I’m hopeful we’ll have it out of the House by then," Majority Leader Kevin McCarthy of California told reporters, about July 1. That’s when a $2 billion payment by Puerto Rico is due, including $805 million for its generation-obligation bonds, which are seen as the island’s most sacrosanct debt.