“For the first time in two decades, Puerto Rico plans to balance its budget without selling debt, said Governor Alejandro Garcia Padilla’s chief of staff. Garcia Padilla’s proposed financial plan for the fiscal year beginning July 1 relies mostly on spending cuts. The administration will also raise additional funds through ‘revenue enhancements.’ The 42-year-old governor will release the plan as soon as today. He’s set to give his State of the Commonwealth speech at 5:30 p.m. local time, where he will also announce a four-year roadmap that will ‘transform’ Puerto Rico’s economy and social demographics by 2018, Vila Biaggi said.”
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