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May 20, 2016

Congress, White House strike deal on Puerto Rico debt

  • Puerto Rico has already missed several payments to creditors.
    • By MARY CLARE JALONICK
    Associated Press

    WASHINGTON — House Republicans and Democrats reached a rare, election-year deal with the White House to try to rescue Puerto Rico from $70 billion in debt as millions of Americans in the cash-strapped U.S. territory struggle with the loss of basic services.

    A revised House bill introduced late Wednesday would create a board to help manage the territory's financial obligations and restructure some debt. Negotiations between the Obama administration and House Speaker Paul Ryan's office and helped finalize the legislation.


     
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