[Rushtalk] Puerto Rico Crisis

Dennis Putnam dap1 at bellsouth.net
Mon Jun 13 09:58:25 MDT 2016


The house did its job but I bet it either stalls in the Senate or is vetoed.

*HOUSE PASSES BIPARTISAN PUERTO RICO REFORM AND REORGANIZATION BILL*

This past Thursday, the House rejected a taxpayer-funded bailout of
Puerto Rico and approved a conservative response to the decades of
failed liberal policies that have destabilized Puerto Rico and
saddled it with more than $70 billion in debt. The legislation, H.R.
5278, the “Puerto Rico Oversight, Management, and Economic Stability
Act,”
<https://iqconnect.lmhostediq.com/iqextranet/iqClickTrk.aspx?&cid=GA07RW&crop=16978.15530809.19767011.7180968&report_id=&redirect=http%3a%2f%2fwww.gop.gov%2fbill%2fh-r-5278-puerto-rico-oversight-management-economic-stability-act-2016-promesa%2f>
puts in place a strong oversight board to impose fiscal responsibility
and balanced budgets on the leaders of the U.S. territory. The Board is
also empowered to institute government and economic reforms that will
promote growth on the island, which has been locked in an economic
recession since 2006 and has an unemployment rate above 12%.
Additionally, the Board can oversee a debt restructuring process should
voluntary negotiations with creditors completely break down. What’s most
important to you and me, however, is that the bill specifically prevents
any federal funds from being used to pay any debt owed by Puerto
Rico. While it’s necessary for Congress to intervene in order to prevent
a crisis on an island that 3.5 million Americans call home, I’m pleased
that we were able to advance a conservative solution that does not call
on taxpayers to foot the bill for the fiscally irresponsible actions of
the Puerto Rican government.

If by some miracle it does become law expect it to be loaded up with
liberals and succeed in only making it worse. Am I being too cynical?

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