Bailout bill for Puerto Rico passes; sent to president

Associated Press

WASHINGTON

Congress delivered relief to debt-stricken Puerto Rico on Wednesday, sending President Barack Obama a last-minute financial rescue package to help the U.S. territory of 3.5 million Americans.

The Senate passed the bill on a bipartisan 68-30 vote, three weeks after the House overwhelmingly backed the measure. The vote came two days before the island is supposed to make a $2 billion payment to creditors.

Puerto Rico is in a decade-long recession and has $70 billion in debt. Thousands have fled the territory for the U.S. mainland. Businesses on the island have closed, schools have struggled with limited electricity and hospitals have asked for cash payment in advance for some medication.

The White House and Republican and Democratic leaders in Congress have warned that without help from Washington, the island could descend into economic chaos, with signs already pointing to a humanitarian crisis. In a rare feat of election-year unity, all four Republican and Democratic leaders in Congress supported the bill, which would create a control board to oversee the U.S. territory’s finances and supervise some debt restructuring.

President Obama said after the vote that he would sign the bill and commended Congress for passing it.

“This bill is not perfect, but it is a critical first step toward economic recovery and restored hope for millions of Americans who call Puerto Rico home,” Obama said.