Lawmakers promise to complete rescue package for Puerto Rico

[Night Watchman]

Source: Associated Press

By MARY CLARE JALONICK
Jun. 28, 2016 6:29 PM EDT

WASHINGTON (AP) — Senate Republican and Democratic leaders on Tuesday promised to complete a rescue package for debt-stricken Puerto Rico before a $2 billion debt payment comes due on Friday.

"Failure is really not an option," Majority Leader Mitch McConnell, R-Ky., told reporters after meeting with his GOP caucus. Separately, Treasury Secretary Jacob Lew lobbied Democrats to back the package in a last-minute bid to secure the votes and help the U.S. territory with its crippling $70 billion debt.

The package, backed by the White House, Democrats and Republicans, would create a control board and restructure some of the debt. A vote is scheduled on Wednesday.

Lew met with reluctant Democrats and urged them to vote for it, even though he said it isn't perfect.

"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," Lew said.



Read more: http://bigstory.ap.org/article/9617d4d7342f4f739bcc0c9b2ebeb340/new-jersey-senator-protests-puerto-rico-bill-senate-floor

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Reluctant Dems? What gives?

[cstanleytech]

1. What? Would you trust the Republicans? Given their history I know I would watch my back around them.

[Recursion]

2. It allows the governor to lower the minimum wage

Also it puts Puerto Rico under a control board they didn't elect (this kept happening to DC, too).

[phazed0]

3. Great, more bailouts..

I see we found another $2 Billion that can't go towards anything that we actually want (Infrastructure, healthcare, education).

I can't wait for more of this healthy economy. TPP will fix it.