allow puerto rico to file chapter 9 bankruptcy as u.s. cities can do, like detroit did in 2013. florida democratic senator bill nelson has introduced a bill to help the island s low-income seniors by their prescription drugs during this crisis. like many democrats including presidential candidate hillary clinton, he supports giving puerto rico bankruptcy protection. by the end of the day we can t let them go into a financial death spiral. and so what is fair for the states ought to be fair for puerto rico. but congressional republicans prefer to fix the island s massive borrowing and overspending. blaming puerto rico for decades of financial mismanagement. in short, chapter 9 cannot address the root causes of fiscal problems. republican presidential candidates marco rubio and jeb bush agree with that. and favor making puerto rico our 51st state. i support statehood if that s
yeah. doesn t the congressional hispanic caucus exactly support what you re saying? i mean, what you re saying is that there should be the possibility of restructuring, right? i mean, a chapter 9 bankruptcy, if that s necessary. that s something that for some reason is given to a lot of other states. we recognize puerto rico s not a state of the united states of america. it is a territory. yeah. but why is it that you guys can t get together on this issue? i think we will. i think this is the right approach. and to be clear, it allows subsidiaries, the municipalities of the eye lant to file bankruptcy like in any state. but puerto rico proper just like illinois proper can t file for bankruptcy. so this could address 35% to 40% of their debt. i think paul ryan is right. i pushed to get this in the omnibus bill. i care about puerto ricans on the mainland and on the island. so does paul and the rest of the republicans. but i think paul made a smart decision where he said, listen
government development bank which owes $169 million on august 2nd. two others borrowers, including a collection of towns that raised money over private bonds were expected to make good but even if one agency defaults it will be trouble for the economy. it has shrinking economic growths and government revenues that have consistently undershot their mark creating a funding gap and raising questions about the island s ability to pay off more than $70 billion in collective debt in the long term. the governor said as much. tomorrow s mispayments could be the first concrete evidence of that. some officials are pushing to allow some of the cash strapped borrowers to file for chapter 9 bankruptcy. i know jeb bush argued for that with an interview with you. it s unclear, though whether that will come to pass. what happened if tomorrow
so extraordinary seven-point plan speech last night by the governor was televised live to the island s 3.5 million u.s. citizens calling for shared sacrifice by everyone. and the hardship already felt in this commonwealth on a daily basis, it s about to get worse. pedea wants to raise the sales tax from 7 to 11.5%, lower the minimum wage from 7.25 an hour restructure its loans, defer all payments due for five years, persuade creditors to accept far less money paid back and ask congress to allow puerto rico the ability to file chapter 9 bankruptcy as cities are allowed, just like detroit and stockton california have done in similar financial straits. translator: faced with this situation, all of us have to assume certain responsibility. listen to this closely. this isn t about politics. we re talking about math.
there? he wants a capitalism that promotes people over profits. to hear the pope regurgitating this stuff, i was profoundly disappointed. and today s top trender. a rand plan. a federal judge ruled that detroit is officially eligible for chapter 9 bankruptcy. republican policies did all of this. when it comes to free trade, outsourcing of jobs, attacking labor. low taxes. of course, wee got to cut taxes. president obama sits back and watches this unfold. ken senator rand paul taking action. the kentucky senator wants to keep detroit a conservative utopia. what i m promoting is something called economic freedom zones. these zones free up detroit to bail themselves out. reduction in individual and corporate tax rates. get rid of the capital gains. reduce the red tape and let businesses thrive. this is horrible. this idea much. i think really what we need to do is try something different. . let s turn now to michael eric dyson, georgetown university professor