Gov. Alejandro García Padilla defended the historic decision by highlighting the island’s tense relationship with Wall Street firms that own its debt.
The biggest policy achievement of House Speaker Paul Ryan’s tenure so far sprang from an unexpected place: a bipartisan bid to salvage a debt-laden Puerto Rico.
Senate approval of debt-relief legislation for Puerto Rico paved the way for President Barack Obama to sign the bipartisan bill into law before Friday, when Puerto Rico says it will default on some senior debt payments.
The Senate voted for a House bill, backed by the Obama administration, to create a control board and help the island restructure its $72 billion debt.
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The Supreme Court struck down Puerto Rico’s effort to restructure its public utility debts, ruling Congress had precluded the territory from enacting its own bankruptcy legislation.