As Puerto Rico Burns, Congress Does….?


puertorico-map

Puerto Rico is a protectorate of the United States. Puerto Ricans are American citizens. They just defaulted on their island’s debt for the first time ever. They are unable to pay their $58 million debt. They’re asking for help though:

The default comes as Puerto Rican leaders of both main political parties have asked Congress to allow them to restructure some of its debt that way states can do, as in the case of Detroit.

I wouldn’t hold my breath that Congress will do much of anything. They should though. Puerto Rico is completely hamstrung by their inability to be like a state. Congress should fix that this time. Puerto Rico desperately needs to re-structure their debt. The inaction of Congress here is not helping anyone.

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