House panel nears unveiling new Puerto Rico debt bill

Reuters News
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Posted: May 03, 2016 3:45 PM

WASHINGTON (Reuters) - Legislation to help Puerto Rico deal with its $72 billion debt crisis "is being finalized" by a U.S. Congress committee following negotiations with the Treasury Department, House Speaker Paul Ryan's office said on Tuesday.

The House Natural Resources Committee has been struggling to write a bill restructuring Puerto Rico's debt. There has been some speculation that it could try to unveil a new bill, after a previous one sputtered, when Congress returns next week from a recess.

The statement from Ryan's office came one day after the White House said Puerto Rico's financial difficulties were worsening and that Congress needed to act quickly with a debt restructuring bill.

(Reporting By Richard Cowan; Editing by Dan Grebler)