Puerto Rico clears first hurdle with committee vote

WASHINGTON (AP) — A bipartisan deal to help Puerto Rico manage its crippling finances cleared its first hurdle today with approval from a Republican House committee.

The bill to create a financial control board and restructure some of the U.S. territory's $70 billion debt has support from House Republican and Democratic leaders, as well as the Obama administration. But some bondholders, unions and island officials have opposed it.

The committee approved the legislation 29-10.

House Natural Resources Committee Chairman Rob Bishop, the Utah Republican who has led negotiations on the bill, says Congress has a constitutional, political and moral imperative to act.

The legislation now moves to the full House for consideration.