WASHINGTON – House Speaker Paul Ryan, R-Wis., said on Wednesday night that he is instructing all House committees that have jurisdiction over Puerto Rico to work with commonwealth officials to come up with a "responsible solution" for their fiscal and debt crises by the end of March.
His remarks came after Puerto Rico Gov. Alejandro Garcia Padilla said earlier in the day that Puerto Rico will default on bond payments in either January or May of the coming year.
"Puerto Rico's fiscal crisis is a problem that is not going away any time soon," Ryan said in a statement he released to the press. "While we could not agree to include precedent-setting changes to bankruptcy law in this omnibus spending bill, I understand that many members on both sides of the aisle remain committed to addressing the challenges facing the territory."
Republicans and Democrats had been negotiating on possible legislative aid for Puerto Rico during the days leading up to the release of the omnibus spending bill late last night. But the bill only contains Medicare provisions and authorizes the Treasury Department to use some of its funds to provide technical assistance to the commonwealth. Republicans and Democrats remain far apart on an agreeable solution for the commonwealth that is currently struggling with about $72 billion in public debt, said knowledgeable sources. Democrats want to extend bankruptcy protection to Puerto Rico authorities and Republicans do not.
