“Hatch and two other Senate committee heads last week introduced legislation to direct as much as $3 billion to Puerto Rico through a newly-created authority that would help oversee the island’s budget. Governor Alejandro Garcia Padilla says the island of 3.5 million residents can’t afford to repay debt built up from years of borrowing to paper over budget shortfalls brought on by its faltering economy. With his government rapidly draining its cash, Garcia Padilla told senators this month that he’s running out of ways to avert a major default. His administration has started diverting revenue earmarked for some securities to ensure that the island doesn’t skip payments on its general-obligation bonds.”
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