WASHINGTON – House Republicans have missed a self-imposed deadline for a plan to help Puerto Rico manage $70 billion in debt, adjourning on Friday without introducing a bill.
Legislation was expected this week to create a control board to manage the territory’s financial obligations and oversee debt restructuring. It would have been the third version of the House bill, which has come under fire from conservatives worried it would set a precedent for financially ailing states. And Democrats are worried the control board would be too powerful.
In an interview Friday with C-SPAN’s “Newsmakers,” House Natural Resources Committee Chairman Rob Bishop said negotiations continue and that legislation is expected soon. He says lawmakers have “one shot” at getting it right
This story has been changed to correct the amount of debt to $70 billion, not million.