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Puerto Rico Debt Deal Snaps Congress Deadlock But Hurdles Remain

  • Modest changes made to House bill’s provision on control board
  • Delays likely push House floor debate back to early June
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House Republicans Reach Deal on Puerto Rico Debt

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The U.S. Congress took a big step toward finally addressing Puerto Rico’s debt crisis, though Republican and Democratic leaders now face the difficult task of holding together a fragile coalition to support the plan.

The breakthrough support -- from the Obama White House as well as Republicans in Congress -- gives the plan for a new control board to oversee the territory’s finances a strong chance of success. The compromise represents a ray of hope for an island that has already defaulted on some of its $70 billion in debt and faces another $2 billion payment on July 1.