Senate clears Puerto Rico debt bill for final passage

Congress is on the precipice of sending a major debt relief bill for Puerto Rico to President Obama’s desk after legislation on Wednesday cleared a significant Senate hurdle.

The 68-32 vote in the Senate makes final passage of the legislation a virtual certainty. Sixty votes were needed to clear the procedural hurdle, but only a majority vote is necessary on final passage.

The legislation would allow Puerto Rico to restructure $70 billion in debt and establish an outside control board to steer the island’s troubled finances.
President Obama supports the package and is expected to quickly sign it.

Puerto Rico faces $2 billion in debt payments on Friday, creating an effective deadline for passing the legislation that the Obama administration has been determined to meet. Treasury Secretary Jack Lew was on Capitol Hill on Tuesday to round up support for the legislation.

23 Comments - what are your thoughts?

  • CharlieSeattle says:

    How does adding Puerto Rico $2 billion debt to our own 18 Trillion national debt make anything better?

  • Ken says says:

    I don’t care if they file bankruptcy or restructure their debt as long as no taxpayer dollars are spent bailing Puerto Rico out – Just like Greece – they created their own problem – let them balance their budget including their debt payments.

  • Robert Mix says:

    This is a total mistake. But Obama is famous for his international mistakes. In passing this, they will wipe out the retirement accounts of many Puerto Ricans who have been saving all their lives. What a shame! But what to THEY care? They are probably on the take anyway. Vote them out this fall. We can change Congress by not voting for ANY of the 469 incumbents up for election.

  • Katie Jones says:

    I think this is horrible for this is not the first time they have been in debt. They will do this over and over again.

  • justinwachin says:

    Puerto Rico isn’t the only irresponsible government. Are the Washington politicians going to want to bail out the rest of them?

    All of these governments need to start living on what they take in. They should be forced to develop a plan to repay their debt. It isn’t fair for taxpayers who have no say in Puerto Rico’s government to get stuck paying for decades of irresponsible spending.

  • Wolfman says:

    Some more confirmation that we are represented virtually by 100% NWO surrogates. Trey Gowdy resembling Curt Gowdy by just doing a running commentary of Schillery ‘s non-performance ( ie the highest ranking official that coordinated the lame ‘video’ protest gone berserk fiction) during Benghazi and now 68!!! buttholes bailing out our version of Greece ( actually it is all their big bank buddies getting bailed out…again)….with our money. What a pathetic bunch of cowards. Picture this bunch of weaklings being the’leaders’ during the 1770’s. Pretty scary isn’t it .I doubt they could muster the courage to revolt even if they were paid off ( not enough distance between them , the civilians, and the trained British soldiers) !!!!

  • ADRoberts says:

    First thing for ALL states and our government. Balance their budget and have a surplus to pay on debt.
    If they fail to do that, SHUT THEM DOWN.
    It is a total mistake to bail ANYONE OUT when they continue to spend what they don’t have.
    Like a bankrupt person who immediately goes back in debt. CRAZY.

    1. Wambli525 says:

      Well said and who will bail out the US taxpayer when our bill becomes due. Obama has destroyed the financial well being of every US citizen.

      1. ADRoberts says:

        From what I have been able to ascertain, the bankrupting of a nation is NOT like a person. When it happens, the value of the money in our pocket, in the bank, in the stocks in the Stock Market, and maybe even your physical possessions simply no longer have value. Those who have a commodity that you want, like food or gas will refuse to take what you offer in exchange for that commodity. And that will be true of everyone. And WHO will trigger this even that causes the COLLAPSE? The CEO’s of all major corporations and any company who no longer believes in the “legal Tender” as being worth anything.
        Now the interesting part. Most CEOs of major corporations ARE reported t be BILDERBERGS,. So when it comes time for them to CAUSE bankruptcy, they will simply instruct their employees to STOP doing business for paper money. THAT IS ALL.
        They can do that at any time. But most likely, it will be done in coordination with some “major” event that they also trigger, so they can deflect the blame away from themselves.
        It is NOT Obama, Congress, or any other specific person. But it is the ANONYMOUS mass of powerful elite who are ready to bring the world under control of ONE WORLD ORDER.
        Ask George Bush. Sr. He is one of them.

  • HadEnough says:

    A total mistake, we are short on funds for THIS country, for the American CITIZENS, because of the illegal immigration. And Funds that should go to our Mistreated VETS, but instead is given to the illegals. And there are other NEEDS of our country. We shouldn’t be bailing out Anyone. Sick of it.

    1. ADRoberts says:

      :You have the answer. II Chronicles 7:14. The only question is, do you want sure victory instead of a pretend control of your life. (If they take over, THEY will then control your life)

      1. HadEnough says:

        ADRoberts, Hi, not sure I understand. You said (if they take over, THEY will then control your life) WHO is ‘THEY’? I don’t want Anyone to CONTROL Our Lives, except for God. Thanks

        1. ADRoberts says:

          From what I understand, the reference to the Antichrist is a scenerio where the world has problems that arise that NO ONE can solve. ANd then, ONE will arise who will have the solutions. He will be acclaimed by the whole world and put in charge.
          At this time, the very people who seem intent on bringing about a collapse of the world economics that would generate exactly that kind of problem IS the elite, Bilderbergs. They are reported to be the most powerful, and include most CEOs of major corporations, heads of banks, heads of state and who knows who else. And they refuse to allow the world to know what their meetings are about or what their goals are. Bu’t for sure, they DO seem to be working to make sure EVERYTHING comes down. An impossible situation that only THEY have the ability to resolve. As the ones who totally all of the world’s business, they can simply just “lose confidence” and it is over. And then to recover, they simply regain “confidence” and we have order again.
          That is the kind of power they have.
          And they DO NOT FEAR GOD.

          1. HadEnough says:

            ADRoberts, Thank you for this good information. !!

          2. ADRoberts says:

            1. Obey God.
            2. Find Sanctification whereby you are filled with the Holy Spirit.
            3. Don’t be afraid to speak up for Jesus and be ready to die.
            God loves you. And He will be with you IF you are with Him.

          3. HadEnough says:

            ADRroberts, All True, Thanks
            God Bless

        2. ADRoberts says:

          There is a verse that says something like this. “Do not fear the one who can take your life. But fear the one, who, after he takes your life, can then take your soul.”
          Matthew 10:28

      2. Katie Jones says:

        With God there is sure victory but it is His will and not ours. We can not even begin to think the way HE does and He knows the future events AKA Revelation.

        1. ADRoberts says:

          Don’t have to KNOW anything, but that God loves me, and He keeps His promises.
          The base question is still he same for EVERYONE. Do you trust God? Be aware the the 288 Christians who are dying every day at the hands of muslims are NOT out of His presence. Each of them had the same confidence at the THREE CHILDREN in the fiery furnace. “We do not know if God will save us. But we do know this. We will trust in the Lord our God.”
          That is ALL.

          1. Katie Jones says:

            And because of that we know they can not really kill us but the can hurt and kill the physical body. After that goes we go to heaven to be in peace and perfect union with God for EVER AFTER never to face these challenges again. AMEN! (Let it be so)

  • SDofAZ says:

    Figures, another too big to fail bailout where the parties responsible will likely hand out big bonuses to the ones who caused this mess in the first place exactly like the businesses in 2008 and it is all tax payer money. Watch and be prepared to want to lynch the senators and representatives. Not only that but this congress has left us on the hook for the next round of too big to fail coming soon to the US. There was a bill in congress to stop using taxpayer funds for those who insisted on gambling as Puerto Rico has just done via their stupidity and over spending. But congress killed it a couple of years ago cause they weren’t concerned about another big bail out. Well it is happening again and this is gonna be even worse when the CRASH comes. And guess who is gonna bail em out? Can anyone in congress understand these two words, BUDGET and ACCOUNTABILITY? Apparently NOT! Vote these sneaky basturds out of office now. Pelosi, Rat Ryan, and McCain are all up for reelection. CA, WI, and us in AZ had better do our jobs and vote these jerks out of office or shut up and realize we are going to be a third world economy very shortly thanks to this horrid administration and this lousy lying congress!

    1. ADRoberts says:

      The goal of the elite Bilderbergs IS to bankrupt our nation. And then, when anarchy comes, they will step in and claim to save us.

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