On Wednesday, the Senate voted 68 to 32 to clear the Puerto Rico debt relief bill, just days ahead of the July 1 deadline for Puerto Rico's next bond payment. With the procedural vote now over, the bill will move onto final passage in the Senate, where it's expected to get the majority vote, and then to President Obama's desk, where it's expected to be signed into law.
The bill would establish a board to oversee the island's finances and allow for the restructuring of its debt, which currently amounts to $70 billion. The vote comes after months of waiting, during which Puerto Rico's crisis "progressively worsened," The New York Times reports.
Without the legislation's passage, Puerto Rico would default on July 1.
The Week
Escape your echo chamber. Get the facts behind the news, plus analysis from multiple perspectives.
Sign up for The Week's Free Newsletters
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
-
Secured vs. unsecured loans: how do they differ and which is better?the explainer They are distinguished by the level of risk and the inclusion of collateral
-
‘States that set ambitious climate targets are already feeling the tension’Instant Opinion Opinion, comment and editorials of the day
-
Mixing up mixology: The year ahead in cocktail and bar trendsthe week recommends It’s hojicha vs. matcha, plus a whole lot more
-
Nobody seems surprised Wagner's Prigozhin died under suspicious circumstancesSpeed Read
-
Western mountain climbers allegedly left Pakistani porter to die on K2Speed Read
-
'Circular saw blades' divide controversial Rio Grande buoys installed by Texas governorSpeed Read
-
Los Angeles city workers stage 1-day walkout over labor conditionsSpeed Read
-
Mega Millions jackpot climbs to an estimated $1.55 billionSpeed Read
-
Bangladesh dealing with worst dengue fever outbreak on recordSpeed Read
-
Glacial outburst flooding in Juneau destroys homesSpeed Read
-
Scotland seeking 'monster hunters' to search for fabled Loch Ness creatureSpeed Read
