Follow-Up to the Debt Problem in Puerto Rico
Sharon Edmondson, Washington Legislative Team Member | December 28, 2015
As the congressional session came to end this year the problem of Puerto Rico’s debt crisis remains unresolved. However, some Democrats said that they have secured promises from Republican leaders to take up a relief package in the new year—a claim that helped persuade all but 18 House Democrats to support the spending bill passed by Congress. Speaker Ryan intimated that when Congress comes back in January, he has instructed House committees to work with the Puerto Rican government to come up with a responsible solution by the end of the first quarter of the new year. There is a mutual understanding in the House that March 31 is the deadline they are working towards.
While the wheels might start moving on the House side, there has been little apparent movement in the Senate. However, as the deadline to pay bondholders approaches, Senate Schumer (D-NY) said he is hopeful an accord could be reached in the coming months.