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Tag: Puerto Rico

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Obama Appoints Puerto Rico Control Board after Bond Default

The Obama administration has picked seven people to serve on a financial control board overseeing the restructuring of the Commonwealth of Puerto Rico’s $70 billion debt burden and $43 billion unfunded pension liability. Under congressional legislation signed after the island

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Miami Fights Zika with Aerial Insecticide as Homegrown Cases Total 15

Miami-Dade County officials have announced that they will use aerial insecticides in affected neighborhoods of Miami to combat the Zika virus, though such measures are typically only marginally effective in killing aedes aegypti, the mosquito responsible for carrying Zika. The number of mosquito-contracted local cases of infection has now risen to 15.

A pregnant woman gets an ultrasound at the maternity of the Guatemalan Social Security Institute (IGSS) in Guatemala City on February 2, 2016. Zika virus

CDC: 234 Pregnant Women in America Carrying Zika Virus

The U.S. Centers for Disease Control (CDC) have confirmed that six infants have been born in U.S. states with birth defects following their mother’s infection with the Zika virus. 234 women in the continental United States have tested positive for Zika.

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Obama: ‘Only Congress’ Can Fix Puerto Rico Debt Crisis

In his weekly address released Saturday morning, President Barack Obama Puerto Rico’s economic crisis by asking Congress to pass a bipartisan bill to give Puerto Rico the tools it needs to restructure its $2 billion debt. Transcript as follows: Hi, everybody.  Today, I

Puerto Rico bailout (Kathy Willens / Associated Press)

House Passes Puerto Rico Debt Crisis Legislation

The U.S. House passed the “Puerto Rico Oversight, Management and Economic Stability Act” (PROMESA) debt crisis legislation on Thursday by a 297-127 vote. The bill now heads to the U.S. Senate, where there appears to be a similar level of bipartisan support for approval.

Puerto Rico statues (Ron Kroetz / Flickr / CC / Cropped)

Congress Fears 1 Million Puerto Ricans Migrating to Mainland

Republican Paul Ryan and Democrat Minority Leader Nancy Pelosi know that if Puerto Rico misses missing general obligation bonds interest payments on May 1, it will soon not have sufficient cash flow to pay government salaries and welfare benefits — and an exodus to the U.S. mainland could follow.

Puerto Rico bailout (Kathy Willens / Associated Press)

Conservatives Blast Puerto Rico $33B Debt Forgiveness

Although House Speaker Paul Ryan (R-WI) warned that Congress needs to “bring order to the chaos” in Puerto Rico, conservative House Republicans are giving the cold shoulder to a plan that would let Puerto Rico wipe out $33 billion of its $73 billion debt in bankruptcy.