Puerto Rico Bail Out not Included in the Omnibus Bill
Sharon Edmondson, Washington Legislative Team Member | December 16, 2015
A massive tax and spending bill, designed to keep the U.S. government running for months, doesn't include any direct debt relief for struggling Puerto Rico.
Multiple members are saying there will be no Chapter 9 municipal bankruptcy rights for the island.
However, recent conversations with members of Congress have disclosed that Puerto Rico is telling bondholders they will not be paying what they owe to them on January 1. Thus some action needs to be taken in short order to keep the island afloat.