Congress Will Likely Miss Another Deadline And The Victim Is Puerto Rico
Congress has done it again! Wait… no, they haven’t done sh*t… again. That’s right, they’re most likely going to miss another deadline on Puerto Rico’s dire economic crisis, which will only make a sh*t situation, even sh*ttier.
May 1 is the latest deadline for Congress to pass legislation to help the U.S. commonwealth with their mounting debt. A vote was supposed to take place last week, but the bill is still being drafted and Congress, which the Republicans control, was missing committee votes.
“I’m not sure that on May 2 Armageddon takes place, but clearly I think it will illustrate that there is a significant problem,” Rep. Rob Bishop (R-Utah) said to the Associated Press. “There are still some people out there saying there’s not a problem… No, there is a problem, they will default on some portion.”
On May 1st, Puerto Rico is due to pay $422 million worth of general obligation bonds. On July 1, they’re due to pay another $780 million. That’s a lot of money for a small country of 3.5 million residents where jobs and investments have been forced out by the new U.S. tax policies. There’s high rate of unemployment and schools are even closing.
“Puerto Rico is a crisis and [Congress] not responding,” Rep. Steny Hoyer (D-Maryland) told the Associated Press.
Read more about Puerto Rico’s economic situation here
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