WASHINGTON — Lawmakers are close, really close, to dropping legislation that would form an oversight board to help Puerto Rico restructure $70 billion in debt that it cannot pay.
The commonwealth defaulted May 1 on a roughly $400 million debt payment and if Congress doesnt act soon, the island will default again on a much larger sum of $2 billion.
Rep. Rob Bishop (R-Utah), chair of the House Natural Resources Committee, told reporters on Friday that the bill would be released today but left some room for another delay. The bill was initially scheduled to be unveiled Wednesday, but negotiators werent ready.
If it doesnt drop today I will be the most surprised person in the world, Bishop said. Asked what the ulti…
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