Wednesday, Jun. 29, 2016

Senate passes Puerto Rico rescue bill, sends to president

By By MARY CLARE JALONICK

WASHINGTON (AP) — The Senate has passed a financial rescue package for debt-stricken Puerto Rico, sending the measure to President Barack Obama.

The vote was 68-30 on Wednesday. It comes two days before the island owes a $2 billion debt payment to creditors.

Obama is expected to sign the measure.

The bill would create a control board that would help the island lessen its $70 billion in debt by overseeing some debt restructuring with creditors. The legislation will also temporarily block lawsuits from those lenders.

The White House and congressional leaders in both parties had warned that without help from Washington, Puerto Rico will descend into economic chaos, with signs already pointing to a humanitarian crisis.

2016-06-29 23:23:10 GMT

Copyright 2016. The Associated Press All Rights Reserved.
The information contained in the AP News report may not be published, broadcast, rewritten or redistributed
Ads by FindLaw