Puerto Rico Bill Stalls in House Amid Objections by Both Parties
- Treasury official warns `lost decade' unless debt restructured
- Cancellation of Thursday meeting delays action until next week
American and Puerto Rican flags fly outside the Senate of Puerto Rico building in San Juan, Puerto Rico, Aug. 14, 2015.
Photographer: Derick E. Hingle/BloombergThis article is for subscribers only.
A U.S. House committee abruptly scrapped plans to finish writing a bill by Thursday to help Puerto Rico cope with its $70 billion debt, as its members battled over the powers of a federal oversight board and other key provisions.
The House Natural Resources canceled a planned meeting Thursday to address the bill, delaying action until next week at the earliest, said Raul Grijalva of Arizona, the panel’s top Democrat. This marks the latest setback in what has been the broadest effort so far in Washington to help Puerto Rico emerge from a debt crisis that has been steadily escalating over the past year.