Washington, DC – Senate to vote on rescue package for Puerto Rico


The Senate is ready to begin voting on a rescue package for Puerto Rico, who is about to default on a $2 billion debt payment. Although the measure faced some opposition from both Republicans and Democrats, both parties agreed to complete it by July 1st. “Failure is really not an option,” Majority Leader Mitch McConnell, R-Ky., told reporters. The proposed bill would oversee Puerto Rico’s finances, possibly supervise some debt restructuring, and would require the territory to plan and fund public pensions. “The fact that this works and it gives Puerto Rico the ability to move forward is just an overwhelming reason to pass this in a timeframe that prevents the descent into chaos,” Treasury Secretary Jacob Lew said.


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