Be the most informed person in the room with Newsy's free e-newsletter

View our privacy policy:

House Advances Aid Plan For Debt-Stricken Puerto Rico

The U.S. territory has already defaulted on several payments on its billion-dollar debt burden.

Puerto Rico is $70 billion in debt and is having serious trouble meeting its payments. Republicans in the House of Representatives think they've finally got a plan to help.

House Natural Resources Chairman Rob Bishop told reporters lawmakers had reached a tentative agreement with the Treasury Department on a plan to restructure Puerto Rico's debt.

This breakthrough could be a win for Speaker of the House Paul Ryan, who made resolving the debt crisis a top priority at the start of the year. A rep from Ryan's office cautioned the deal was still in its early stages and could take awhile to be finalized.

The House has been hung up on the fine details of this issue for months. Republicans are leery about supporting a bailout that hurts the island's creditors, while Democrats are equally unwilling to punish Puerto Rico in the restructuring plan.

Republicans have a strong incentive to reach a legislative fix before November; the island's plight has become a Democratic cause célèbre, and both Democratic presidential campaigns have blasted Congress' inaction on the issue.

Featured Stories
Rep. John Lewis speaks at a podium

Democrats Are Boycotting The Inauguration Ceremony En Masse

A graphic of Donald Trump taking the inaugural oath

The Attendance, Cost And Other Big Numbers Behind Trump's Inauguration

The U.S. Supreme Court building

Lawsuit Over Detainee Mistreatment After 9/11 Reaches Supreme Court

Want to see more stories like this?
Like Newsy on Facebook for More Congress Coverage