House Bill is on it's 3rd draft, Ryan has strongly backed the bill and claims he is opposed to a bailout.
"But that one may become necessary if Congress doesn't pass the legislation soon and Puerto Rico's economy collapses,"says Ryan.
The Senate hasn't weighed in yet.
Ryan has no balls
Ryan has no interest in limited government, no interest in government reform.
He is interested in protecting the massive welfare-warfare state.
So if Congress doesn’t give PR free money, then they will need a bailout - free money??
The only bill going through congress should be a bill cutting lose PR and turning it into an independent country, revoking all US passports, ending all money transfers and being done with these lazy connie people.
Let the banks who loaned money to PR take the loss.
Not American taxpayers.
You mean Ryan has NOT folded yet? Give him time.
From the WSJ: The legislation would create a federal oversight board with the power to approve or reject local budgets, and to approve plans for court-supervised debt restructuring. It wouldn’t commit taxpayer funds.”
“Despite weeks of close negotiations, the Obama administration hasn’t blessed the legislation. Treasury Department officials say restructuring provisions in the most recent draft aren’t workable because they would allow creditors to drag their feet in any debt workout.”
Basically, Ryan (GOP) are pushing for Puerto Rico to restructure it’s debt. Democrats want a federal bail out. The dems don’t want a restructure (bankruptcy) because it would set the precedent for restructuring debts as a solution to union pension impacts on state budgets, ie, state union employees would get a hair cut.
The time to act was years ago. Loans should have been curtailed until stability was achieved.
Paul Ryan, the leftist policy wonk will give them what they want, because it’s who he is.
The government of Puerto Rico was running a Ponzi Scheme for years.
When the people of Puerto Rico confiscate and sell all of their politicians assets and clap irons on them, then maybe we can talk.
In the linked article we read that Puerto Rico will be unable to make payments to creditors. We also read that classrooms don't have laptops and televisions for classroom use.
In other words, Puerto Rico can't pay its debts AND can't pay its current operating expenses.
What exactly is it that Puerto Rico CAN pay? Have they waited until the last dollar has already been spent? Wouldn't it have been wise to have seen some of this coming a little earlier?
Or would such warnings have had a negative impact on the continuing nonsense which are liberal policies? The unwillingness of the liberal media to admit what is coming is exactly what will make the eventual crisis so astonishingly bad. And I'm talking about the entire U.S., not just Puerto Rico.
Too Democrat to fail.
No problem, we will send you $70 billion and then you can start repaying it back for our debt. /s
Maybe someone should smack Barky up side the head and ask him why he sent Iran 150 BILLION dollars and couldn’t help out these people???
Oh yeah, I forgot, Barky is a Muslim and have to help them first...
BOHICA!
Do what the Zimbabwe government is doing. Print counterfeit US dollars.
Seriously, the elementary school does not need electricity. I bet many FRiends didn’t have a/c in their classrooms. How about teaching kids to read from a textbook and write on paper instead of using a computer. It’s been done that way for hundreds of years. Save electricity by serving sandwiches for lunch or bring a lunch from home.
Of course, the best way to bring them back from the brink is to stop government corruption.
Termites in the walls should be way down the list of problems. Surely, there must be a parent who owns a pest control business or has access to such. People used to come together to help the community.
Let the kids learn to count by squishing termites. If Jose squished one termite and Maria squished 6 termites, how many squished termites are there?
Entomology could be the science teacher’s next hands on project.
The shop teacher can have the students fix the fans and reconstruct the termite damaged walls. Seriously, what’s so difficult?
Please help me understand, as it makes no sense to me.
If Congress doesn't bail PR out, we'll need to bail them out.
I don't get it.
I wonder if they have contacted the Clinton Global Crime Initiative, George Soros, Michael Bloomberg, or the other Progressives and Progressive charities .... seems like this would be right up their alley .... bailing out their fellow socialists/Progressives?
“Garcia said that Puerto Rico is not asking for a bailout and has not been offered one...... ‘If Congress does not act then we will need a bailout, and it will be very expensive to U.S. taxpayers,’ he said.”
How about, “Hey, Garcia—you ran up the debt, you pay it off. The U.S. taxpayers aren’t paying any of it.”