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.
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.