Puerto Rico’s economy is on the brink of collapse. The territory is facing a $422 million bond payment on May 1. The territory owes about $70 billion in total debt.
Lawmakers have been trying to come up with a legislative solution to that would install a control board to help the island restructure its debt. Even though the bill is backed by House Speaker Paul Ryan, many Republicans see it as a bailout that doesn’t call for true economic reforms in the island.
Proponents contend that the bill would simply extend Chapter 9 protection to a US territory, something that’s enjoyed by cities on the mainland.
Michael Madowitz, an economist at the Center for American Progress, a progressive think tank in DC
Rachel Greszler, Senior Policy Analyst in economics and entitlements at the research institution The Heritage Foundation