Republican Bill Extends Up to $3 Billion of Aid to Puerto Rico

Top Republicans in the U.S. Senate introduced legislation to help Puerto Rico emerge from its worsening fiscal crisis.

The bill by Senators Orrin Hatch, Chuck Grassley and Lisa Murkowski would extend as much as $3 billion of aid to the island through a new federal authority, which would have the power to sell debt and oversee the government’s finances.

The senators said in a statement that there would be no “bailout” of the island. The U.S. wouldn’t be on the hook for debt issued by the authority, they said.

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