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October 5, 2017
WASHINGTON — President Donald Trump helped sink Puerto Ricans bond prices with talk of wiping out the U.S. territory's debt but his budget director dismissed the idea of a bailout Wednesday as the bankrupt island fights to recover from Hurricane Maria.
The federal government lacks the authority to simply do away with Puerto Rico's staggering $74 billion debt, much of which is tied up in a court-supervised restructuring process after the territory sought a form of bankruptcy protection last year.
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