Economics
Puerto Rico Presents $10.7 Billion Budget Proposal for 2022
- Proposal sets stage for showdown with fiscal oversight board
- Proposal is about $700M above board’s recommendation
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Puerto Rico on Wednesday presented a budget proposal of $10.7 billion for fiscal year 2022 -- about $700 million more than the federally-appointed oversight board is recommending.
Governor Pedro Pierluisi called his spending plan “realistic” and necessary to jump-start the economy of the bankrupt U.S. territory. He said the additional costs will be more than covered by surplus tax revenue and additional federal aid that the board had not built into its projections.