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Bernie Sanders

Sanders breaks with White House on Puerto Rican rescue plan

LOS ANGELES (AP) — Democratic presidential candidate Bernie Sanders is breaking with the Obama administration and House lawmakers over a plan to restructure Puerto Rico's $70 billion in debt, saying the legislation would make "a terrible situation even worse." The Vermont senator writes in a letter released

congress

Congress, White House strike rescue deal for Puerto Rico

WASHINGTON (AP) — 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

GOP

Bipartisan deal in House to help Puerto Rico with $70B debt

WASHINGTON (AP) — In a breakthrough, House Republicans and Democrats have struck a deal with the White House to help rescue Puerto Rico from $70 billion in debt. A revised bill introduced late Wednesday would create a control board to help manage the U.S. territory's financial obligations and

congress

Can Puerto Rico escape its $72 billion debt trap and avoid Greece’s fate?

To almost no one's surprise, Puerto Rico missed a US$422 million debt payment earlier this month, triggering fears among investors that additional defaults are on the way and increasing pressure on Congress to act.

congress

Treasury Secretary heads to Puerto Rico to pressure Congress

WASHINGTON (AP) — Treasury Secretary Jacob Lew is calling attention to the effect Puerto Rico's $70 billion debt crisis is having on the millions of Americans who live there and on Congress' struggle to come up with a solution. Lew is making a one-day trip to Puerto Rico

congress

Puerto Rican bonds and the small investor

The TV ads flash the noble faces of American retirees and urge Washington to help protect their savings. The back story is kept rather vague. It's that many older people invested in Puerto Rican bonds. The U.S. territory's economy is in deep crisis, and it

congress

On Puerto Rico: ‘yes’ to bankruptcy, ‘no’ to bailout

Puerto Rico is sinking in $73 billion of debt. Mired in a long-running depression, the U.S. territory has already cut essential services to bare bones. Puerto Rico can't fully pay its bondholders without setting off total economic collapse. One of two things can happen, short of doing

congress

What Congress can do about Puerto Rico’s debt

WASHINGTON (AP) — Puerto Rico's $72 billion public debt crisis has forced congressional leaders to pay attention to a U.S. territory that's usually on the sidelines of American politics. The island has been mired in economic stagnation for nearly a decade. The governor now says Puerto