Puerto Rico's Likely Default May 1 Not Fazing House Republicans
- U.S. House set to adjourn for a week without advancing a bill
- Lawmakers now focused on July 1, when island owes $2 billion
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Ahead of a one-week recess, House Republicans are showing little urgency to act on a bill to help Puerto Rico deal with its debt crisis as the island hurtles toward a potential default Sunday on a $422 million payment.
"They got into this mess over the years. I don’t think we need to add to their bad decisions," said Representative Raul Labrador of Idaho, a Republican who was born in Puerto Rico. "I think we have to do this bill right." Labrador is a member of the House Natural Resources Committee, which is working on legislation to aid the island.
The territory could still strike a last-minute deal to defer the payments due in three days, but Puerto Rico will likely default on some or all of the debt payments coming due on May 1.