Posted on 04/15/2016 4:40:38 AM PDT by BradtotheBone
U.S. lawmakers' race to pass a rescue bill to aid Puerto Rico has stalled as a perilous debt deadline approaches.
The markup of the Puerto Rico Oversight, Management, and Economic Stability Act, or PROMESA, was slated to begin Thursday in the House Committee on Natural Resources, but was delayed abruptly after the committee had adjourned for the day.
Police break up skirmishes between demonstrators and supporters of Republican presidential candidate Donald Trump Populism is top enemy of reforms: Spain EconMin
"The administration is still negotiating on provisions of the legislation, creating uncertainty in both parties," said Chairman Rob Bishop, R-Utah, in a statement issued after the committee delivered opening statements for the markup on Wednesday evening. "This legislation needs bipartisan support, but members need time to understand the complexity of the issue and the ramifications of any proposed changes."
A new date for the markup and vote to get the legislation out of the committee and onto the floor of the House of Representatives has yet to be set.
Despite the setback, some Washington lawmakers are optimistic that the bill to help the fiscally struggling island will eventually receive bipartisan support, albeit not within the time frame for which they were originally aiming.
"We were hoping for May 1," said House Democratic Leader Nancy Pelosi about the target deadline for the Puerto Rico bill. Pelosi, speaking at her weekly news briefing Thursday, noted that with the recent setback, she was unsure if that deadline "was still possible."
May 1 is the next major financial hurdle the commonwealth faces, when a $422 million debt-service payment is due to bondholders of the Government Development Bank, the island's key fiscal agent and lender of last resort. The date falls on a Sunday, so the payment actually will be due May 2.
(Excerpt) Read more at cnbc.com ...
Why are we “rescuing” corrupt, socialist Puerto Rico?
And we can do this because we don’t have any defecits of our own.
I read somewhere on here only 30% of the people there work
I think some 70% are on at least one form of welfare.
Your number seems to be accurate.
PR (Paul Ryan) for Puerto Rico Puppet $trings. UNaccountable socialists plunder again, and again, and again, and…
Socialism Is Legal Plunder - Bastiat
The gang of 535 should be in federal prison.
/debt slavery
50 states balance their budgets, why not Puerto Rico?
Paul Ryan likes to call it a restructuring of the debt, not a bail-out. Let banks restructure debt.
We should appoint a commission with a military governor to take over and rum the P.R. Government. Rule of law, suppression of drug traffic, tax incentives for corporate investment, budget cuts and control, until the place recovers.
Is that the island that is supposed to capsize?? What is point then?
I read somewhere on here only 30% of the people there work.
The same article appeared in the San Juan papers. But that article stated that only 30% of Americans work...(sarc)
Well, at least they got the cutesy acronym down - THAT’s what’s important. /s
That would be Guam...but I can understand the confusion...LOL
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.