Congress Offers Broken PROMESA to Puerto Rico
Congress Offers Broken PROMESA to Puerto Rico
The rushed passage of a bill ahead of a July 1 debt deadline is no long-term solution to Puerto Rico’s woes.
Yesterday, the U.S. Senate voted to pass the Puerto Rico Oversight, Management, and Economic Stability Act, known as PROMESA ("promise" in Spanish), without amendments.
Cast as “Puerto Rico’s last chance” before a July 1 default, the bill is a classic congressional compromise in which neither Democrats nor Republicans are completely satisfied. The bill offers Puerto Rico the means to restructure its debt while avoiding a taxpayer bailout. In return, President Barack Obama will...
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