Puerto Rico Crisis Spurs U.S. Congress to Advance Chapter 9 (Bankruptcy) Bill

[Purveyor]

Source: Bloomberg

by Kasia KlimasinskaKathleen Miller
June 30, 2015 — 2:54 PM EDT

New York Senator Charles Schumer, the third-highest ranking Democrat in the chamber, will team up with Connecticut Democrat Senator Richard Blumenthal to sponsor a bill that would allow Puerto Rico’s government agencies to file for Chapter 9 bankruptcy protection.

The bill would be a companion to legislation in the U.S. House sponsored by Puerto Rico’s non-voting member of Congress Pedro Pierluisi. Schumer said he and Blumenthal are seeking support from Senate Republicans as well.

“Senator Blumenthal and I will introduce this bill either way, but we are hoping to get Republican cosponsors to make this bill bipartisan,”?Schumer said Tuesday in an e-mailed statement.

Representative Nancy Pelosi, the top Democrat in the House, also spoke in support of the bill after the White House urged Congress on Monday to consider the legislation.

Read more: http://www.bloomberg.com/news/articles/2015-06-30/puerto-rico-crisis-spurs-u-s-congress-to-advance-chapter-9-bill

[rurallib]

1. 'spose they could sneak a little relief on student loans

being subject to bankruptcy laws?
No, I doubt it too.

[Angry Dragon]

2. Perhaps it is time to let/make them a state ..............

[Angleae]

5. That decision is up to the people of Puerto Rico. They have to apply first.

They have such a vote every now and then and it never passes.

[AngryAmish]

3. It is beneath the dignity of Puerto R8co to g9 begging in Washington

It is well past the time to free Puerto Rico.

[DonCoquixote]

6. The GOP wants that

so they could invalidate the votes done by Puerto Ricans.

[stuffmatters]

4. Wall Street saving Wall Street at taxpayers expense. It'd be like bailing out anti IRS Kansas

One of the major reasons Puerto Rico is in "debt" crisis is because it eliminated income tax. Not only is that an
unsustainable economic model for any country, it deliberately cheats our own IRS. Tho it is a US territory,
PR strives to be the US "Tax Haven of the Carribean" where Wall Street hedge funders can entirely escape paying their American taxes.

So American taxpayers are supposed to pay for the debt/bankruptcy accumulated from a country that openly consorts with our 1% to shelter their fortunes from our IRS & national coffers? It's like paying twice for money that you've been cheated out of in the first place.

The usual other collapsing leg of the stool in these debt crises is usually predatory Wall street bonds/interest. I suspect PR fits that pattern.

I understand the Wall Street puppets Schumer & Blumenthal knee jerking this Wall Street bankruptcy/ bailout. But Nancy Pelosi really needs to get better informed & stick with the Democratic principles of the Democratic Party, not support this treasonous bailout of Wall Street. & these tax criminal billionaires & corporations.

[vinny9698]

7. If good enough for Argentina, the should be good for Puerto Rico.

Argentina survived.

[RussBLib]

8. hoping to get Republican co-sponsors

what a pathetic excuse for a political party the GOP is