PROMESA "A Compromise Bill Designed to Save Puerto Rico from Economic Calamity," Westerman says

June 9, 2016

H.R. 5278 is a compromise bill designed to save Puerto Rico from economic calamity and prevent a taxpayer bailout. I suggest that the admission from both sides of the aisle that this bill isn’t perfect is a testament that this bill is the best solution. Puerto Rico is in a crisis. The territory has already missed payments on its debt and more and larger missed payments are on the horizon. The fiscal and economic conditions of Puerto Rico are unsustainable. Based on the constitutionally-delegated power of Congress “to dispose of and make all needful rules and regulations, respecting the territory or other property belonging to the United States,” we have a responsibility to take action on this matter.