Puerto Rico Governor Alejandro García Padilla declined a new federal oversight board's request that he submit an updated fiscal plan for the island. Under Congressional legislation passed in June, the board has the authority to approve or reject the Governor's fiscal plan. The board requested a revised plan after various stakeholders and civil groups testified about the merits of the plan to the board last week. According to the Associated Press, Governor García refused to rework the plan, arguing the board needs to restructure Puerto Rico's debt to avoid cuts to basic government services. It's not clear what the consequences of the Governor's decision will be.
Read Eric LeCompte's address to the Fiscal Oversight and Management Board of Puerto Rico