Obama administration urges Congress to help Puerto Rico

Reuters News
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Posted: Jul 28, 2015 5:01 PM

WASHINGTON (Reuters) - The Obama administration urged the U.S. Congress on Tuesday to pass legislation that would give Puerto Rico's government access to bankruptcy courts so it can restructure its "unsustainable liabilities."

"By granting Puerto Rico access to an orderly

bankruptcy regime as soon as possible, Congress can help put Puerto Rico - and the millions of U.S. citizens who live there - on the best path to a sustained recovery," Treasury Secretary Jack Lew said in a letter to the top lawmaker on the Senate Finance Committee.

(Reporting by Jason Lange; Editing by Sandra Maler and Lisa Lambert)