White House To Seek Limited Bailout For Puerto Rico

White House To Seek Limited Bailout For Puerto Rico

What will be the next bail out? If you guessed disability, social security or related services, you are wrong.

President Obama is looking to throw nearly bankrupt Puerto Rico a financial lifeline, but the Republican-controlled Congress may be in no mood to offer anyone a bailout.

Obama administration officials proposed a plan to assist the Commonwealth of Puerto Rico that is not a direct federal bailout, but that should be enough to give the beleaguered  island nation some breathing room.

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The new plan calls for the creation of a new territorial bankruptcy regime for the commonwealth and new fiscal oversight on Puerto Rico and its $72 billion debt. The President’s ambitious plan offer a way forward in a very sticky situation. However, it also needs a Republican-led Congress commited to budgetary restraint to sign onto the deal.