Seattle Times: WASHINGTON (AP) — Treasury Secretary Jacob Lew is calling attention to the effect Puerto Rico’s $70 billion debt crisis is having on the millions of Americans who live there and on the Republican-led Congress’ struggle to come up with a solution.
Lew is making a one-day trip to Puerto Rico on Monday, part of the Obama administration’s campaign to pressure Congress to act. House Republicans are expected to announce new legislation this week to create a control board to help manage the U.S. territory’s debt and oversee some debt restructuring. It will be the third draft of the House bill, which has come under fire from some conservatives who worry it would set a precedent for financially ailing states.
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