Puerto Rico Faces Default as Congress Stalls on Help

By The Associated Press

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