Posted on 06/09/2016 6:05:32 PM PDT by Hojczyk
The legislation was bolstered by rare bipartisan cooperation between the White House and the House's Republicans and Democrats over the past six months.
House Speaker Paul Ryan urged Congress to act quickly on the "Puerto Rico Oversight, Management and Economic Stability Act" (PROMESA), warning lawmakers of a "deepening crisis" on the island.
"Now the island is shutting down," Ryan said, with "closed schools; hospitals are beginning to close, that's today. Tomorrow there could be policemen without cars, there could be blackouts at hospitals."
Nevertheless, some lawmakers feared that allowing Puerto Rico to restructure its $70 billion debt in a way that changes the seniority of the creditors - for instance by making them all equal or subordinated to pensioners - would set a bad precedent for other U.S. states with debt problems.
Puerto Rico does not enjoy Chapter 9 bankruptcy protection, unlike the 50 U.S. states.
(Excerpt) Read more at newsmax.com ...
Ryan is worse than worthless.
I read that the government employs a full 25% of the workers on the island. Just another failed socialist state.
Bishop Romney gets a HUGE payoff from his
Toadie Ryan who serves the Bishop instead
of the People to whom the GOP lie, lie, lie, lie,
and lie.
They remain EXEMPT and passed ObamaTRADE
and allowed Quartering of Incurable diseases.
The colonists would not have been so passive.
The “economic guru” who’s never had a job in the private sector strikes again. Eddie Munster is the worst kind of stupid. He thinks he’s smart.
Next up Illinois. Own bonds? Sell like hell. You’re about to lose it all.
Restructuring sounds better than US-taxpayer coverage of an outright default, but with this Congress, who knows?
How is Puerto Rico in debt anyway? It’s an island paradise.
Damn them. Next we’ll all be paying to bail out all the states who were fiscally irresponsible too.
Ryan just put us on the hook.
Ummm, remind me again why we got majorities in the house and senate for?
The author is an idiot. US states CANNOT GO BANKRUPT!
http://www.news-gazette.com/news/local/2013-07-20/state-cant-declare-bankruptcy.html
Honey, they want us to bail out the entire globe. International Socialism (Communism).
Romney > Bain Capital > Ryan > US House > us paying the tab.
And how did they rack up $70 billion in debt????
That’s a huge debt. How many people are in PR, about 4 million?? And what is the size of their economy??
Sounds to me like this debt is so far out of whack compared to their economy and population. But then they didn’t get to $70 billion in debt overnight. You have to wonder what their government has been up to, and why they ignored obvious warning signs over the years.
And You still give your Consent for the federal government???
So many in such denial of Reality!
Secede! Then Take the States down to size!
House Speaker Paul Ryan urged Congress to act quickly on the “Puerto Rico Oversight, Management and Economic Stability Act” (PROMESA), warning lawmakers of a “deepening crisis” on the island.
Reminds me of Nanny Pelosi’s Manufactured Crisis™ meme.
Taxpayers bailout another failed socialist hell hole. Ryan MUST go
Paul Ruan strikes again
Dump Ryan. Elect Nehlen:
paulnehlen.com/dump-ryan/
How about a little "Debt Relief" bill for me?
This is why I'm voting for Trump. The U.S. People did not want this but Goofy Ears & Ryan pushed it through and the GOP has no backbone to stop it.
Ed
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