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Senate passes Puerto Rico rescue bill, sends to president

10 months 3 weeks 2 days ago June 29, 2016 Jun 29, 2016 Wednesday, June 29 2016 June 29, 2016 6:19 PM in News
Source: Associated Press
By: ApNewsNow

WASHINGTON - The Senate has passed a financial rescue package for debt-stricken Puerto Rico, sending the measure to President Barack Obama.

The vote was 68-30 on Wednesday. It comes two days before the island owes a $2 billion debt payment to creditors.

Obama is expected to sign the measure.

The bill would create a control board that would help the island lessen its $70 billion in debt by overseeing some debt restructuring with creditors. The legislation will also temporarily block lawsuits from those lenders.

The White House and congressional leaders in both parties had warned that without help from Washington, Puerto Rico will descend into economic chaos, with signs already pointing to a humanitarian crisis.

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