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Follow up on Puerto Rico bankruptcy

Sharon Edmondson, Washington Legislative Team Member | September 29, 2015

Today the Senate Finance Committee held a hearing on Puerto Rico’s fiscal crisis showing partisan divisions over how to address the island territory’s potential default.

Republicans sought to cast the island’s problems as a parable of the ills of runaway government spending and Democrats advocated for extending Chapter 9 bankruptcy protections to the territory.

Finance Committee Chairman Hatch (R-UT) noted that increased federal spending since the recession has not helped to slow Puerto Rico’s slide into deeper debt. Senator Schumer (D-NY) believes S. 1774, the bill to amend title 11 to treat Puerto Rico as a state for purposes of chapter 9, would help the territory get back on the road to recovery.

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