Senate set to begin debate on Puerto Rico debt relief bill

By Richard Cowan and Daniel Bases WASHINGTON/NEW YORK (Reuters) – After months of waiting for the U.S. Congress to act as Puerto Rico’s economic crisis progressively worsened, the Caribbean island is on the verge of securing a relief plan from Washington aimed at helping it address a hobbling $70 billion debt. The Senate is set to launch a debate on Wednesday for legislation establishing a federal oversight board that would be in charge of restructuring the U.S. territory’s debt where one out of every three dollars it earns in revenue is used to pay creditors, according to the U.S. Treasury. “We’re not going to let Puerto Rico go off the cliff here.

Share this article