Senate backs Puerto Rico debt bill, sends to Obama

[Eugene]

Source: Reuters

The U.S. Senate on Wednesday gave solid approval to a relief plan to help Puerto Rico address its $70 billion debt, sending the measure to President Barack Obama for his expected signing into law just ahead of a possible default by the U.S. territory on its next debt payment.

The measure passed by the Senate on a vote of 68-30. The House of Representatives has already approved the bill. On Friday, Puerto Rico faces a potential default on a chunk of its debt if it cannot make $1.9 billion worth of debt payments.

(Reporting by Susan Cornwell; Editing by Sandra Maler)


Read more: http://www.reuters.com/article/us-puertorico-debt-senate-idUSKCN0ZF1XL

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Politics | Wed Jun 29, 2016 7:27pm EDT

Short article. No more at link.

[seabeckind]

1. Of course they would.

No question.

My question is how much of that debt was the result of fees added by unscrupulous middlemen?

This is a bailout caused by a situation which will not be corrected, just repeated.