The United States Senate passed Puerto Rico debt legislation 68-30. President Obama will sign the legislation Thursday before Puerto Rico likely defaults on nearly $2 billion in debt payments. The legislation passed with majorities from both parties.
"The Senate put partisanship aside and put Puerto Rico's children first," noted Eric LeCompte, executive director of the religious development coalition Jubilee USA. "This legislation stops predatory behavior and identifies the need to urgently reduce child poverty on the island."
The Puerto Rico Oversight, Management and Economic Stability Act (PROMESA) contains tools to restructure the US Territory's debt and establishes a fiscal oversight board. Puerto Rico faces a $72 billion debt and its Governor says the US territory will default on debt payments July 1. The legislation passed the House 297-127 on June 9th. Republicans and Democrats initially proposed less ambitious legislation in 2015 that did not pass.