BREAKING NEWS

Senate passes Puerto Rico debt bill, sends to Obama

By REUTERS

JUNE 30, 2016 03:59

WASHINGTON - The US Senate gave solid approval on Wednesday to a relief plan to help Puerto Rico address its $70 billion debt, sending the measure to President Obama for his signing into law just ahead of a possible default by the US territory on its next debt payment.

The measure passed the Senate on a vote of 68-30, and President Obama said in a statement he looked forward to signing the bill into law. The House of Representatives has already approved the bill.

"This bill is not perfect, but it is a critical first step toward economic recovery and restored hope for millions of Americans who call Puerto Rico home," Obama said.

The legislation would create a federal oversight board, appointed by Washington, with power to restructure Puerto Rico's unmanageable debt load.

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