Puerto Rico is facing a deadline for a
multimillion-dollar bond payment next month as House Republicans
struggle to find a way to help the island deal with its $70 billion
debt.
A House committee canceled a Thursday vote on
the issue as Republicans were divided on how Congress should weigh in.
Gov. Alejandro Garcia Padilla has warned that a debt restructuring
measure needs to be approved soon as the deadline for a $422 million
bond payment looms in May.
Puerto Rico has said it will likely default on the payment, which would
mark the first time the island would default on general obligation bonds
protected by the island's constitution.
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Source: NBC News
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