Obama Planning Bailout for Puerto Rico

DAILY SIGNAL — The Obama administration is proposing a plan to help Puerto Rico with its debt crisis, framing the issue as a bipartisan responsibility owed by the U.S. government and Congress to an island that has 3.5 million American citizens.

Though the administration says its proposal stops short of being a direct federal bailout, it remains an open question whether a GOP-led Congress—which must co-sign any rescue plan—can get behind the administration’s plan, which some Republicans view as a bailout.

“This is a Puerto Rican crisis, which means it is an American crisis,” said the Treasury Department’s Antonio Weiss, who was the sole official to testify at a hearing Thursday before the House Committee on Natural Resources.

“Puerto Rico is already in distress. What started as recession has turned into a fiscal and liquidity crisis that shows signs of becoming a humanitarian one as well. Without action, this crisis can only escalate.”

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