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No U.S. Bailout for Puerto Rican Debt, Trump’s Budget Chief Says

  • Mulvaney says don’t take Trump’s suggestion on debt literally
  • Commonwealth debt sinks to record lows after president speaks
Bloomberg business news

U.S. Budget Chief Says No Puerto Rican Debt Bailout

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President Donald Trump’s budget chief said not to take literally the president’s suggestion that Puerto Rico’s debt would be “wiped out,” even as the territory’s bonds plunged to a record low on Wednesday: 32 cents on the dollar.

"I think what you heard the president say is that Puerto Rico is going to have to figure out a way to solve its debt problem,” Mick Mulvaney, director of the White House budget office, said in an interview Wednesday.