Senate clears key Puerto Rico debt bill ahead of July 1 deadline

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.

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