Puerto Rico faces humanitarian crisis without federal action: Treasury

Reuters News
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Posted: Oct 22, 2015 10:13 AM

NEW YORK/SAN JUAN (Reuters) - U.S. Treasury Secretary counselor Antonio Weiss warned that Puerto Rico faced a humanitarian crisis without federal action, as he appealed to Congress to help the debt-ridden U.S. territory, according to testimony released ahead of a Senate committee hearing on Thursday.

Weiss said that without action by Congress, Puerto Rico's crisis would escalate and reiterated that the Obama administration's policies were "not a bailout" for the island.

He repeated the key points of a plan released by the Treasury on Wednesday, saying Congress should provide tools for Puerto Rico to restructure its liabilities, increase Medicaid support and boost economic growth through tax credits.

(Reporting by Megan Davies and Nick Brown)