Hoyer Joins House Democrats in Calling on House Republicans to Begin Bipartisan Negotiations on Puerto Rico

Press Release

Today, House Democratic Whip Steny H. Hoyer (MD) joined House Democrats in calling on House Republicans to begin bipartisan negotiations on legislation to address Puerto Rico's debt crisis. The House Natural Resources Committee is holding its third hearing on Puerto Rico's financial and economic crisis tomorrow. A representative from the U.S. Treasury Department will testify and present the Obama Administration's assessment of the Commonwealth's debt crisis.

On October 21, 2015, the Obama Administration unveiled a detailed legislative outline to help Puerto Rico address its serious fiscal challenges. While the Administration has worked extensively with Puerto Rican officials to find solutions to the Commonwealth's fiscal crisis, Congress has authority to provide Puerto Rico with the tools required to lay the foundation for the Commonwealth's recovery, and Congress should act.

Last summer Puerto Rico's governor, Alejandro Garcia Padilla, declared that the commonwealth's $72 billion in debt "is not payable." This past week, the Puerto Rican government announced that "it had substantial doubt about its ability to operate in the long term" after the Government Development Bank signaled that it is likely to miss its next bond payment.

"Ahead of the Committee hearing tomorrow, I join in calling on House Republicans to begin bipartisan negotiations on legislation to address the debt crisis in Puerto Rico," stated Democratic Whip Steny H. Hoyer. "Puerto Rico is an integral part of the United States of America, and like other jurisdictions who have found themselves in deep fiscal trouble, we ought to allow the island to restructure its debt. House Democrats will continue to push for commonsense legislation to confront the financial crisis in Puerto Rico, and I am hopeful both parties can reach agreement on a path forward before Speaker Ryan's March 31 deadline."

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