Posted on 06/10/2016 5:34:48 AM PDT by milton23
Reps. Louie Gohmert of Texas and Dave Brat of Virginia were among the conservatives who voted against a bill to address Puerto Rico's debt crisis. (Photo: Willis Bretz for The Daily Signal) A bill establishing a legal framework for Puerto Rico to restructure its $72 billion debt load passed the House Thursday by a 297-127 vote after months of haggling between the Obama administration, Democrats, bondholders, unions, Puerto Rico officials—and conservatives.
About the only thing conservatives agree on about legislation the House passed Thursday night providing rescue to Puerto Rico’s debt crisis is that it’s not a bailout.
“There are good reasons to be for the bill, and there are good reasons to be against the bill, but this is not a bailout,” said Rep. Mick Mulvaney, R-S.C., referencing the fact that Congress’ solution does not include federal taxpayer money for Puerto Rico. “I certainly don’t want to see people saying I voted against it because it’s a bailout. That is a cheap, and intellectually dishonest way to deal with this. I hope we take it to a higher level intellectually and be honest on both sides of the aisle.”
(Excerpt) Read more at dailysign.al ...
If it walks like a duck....
Betrayed again.
If it splits conservatives, then their not all conservatives, right?
Sounds logical to me. How I despise politicians.
A ‘higher intelectual level’? - about bailing out a culture of failed economics and political corruption?
You must have to go to Harvard to comprehend it.
“....referencing the fact that Congress’ solution does not include federal taxpayer money for Puerto Rico.”
Are they going to be paying out of their own pockets?
This sets very bad precedent. Next up will be Illinois, or California to pay for their illegal invader’s welfare state.
My understanding of the synopsis presented indicated the congress passed a bill that in many ways follows the procedures of the International Monetary Fund in dealing with bankrupt nations with tons of debt.
The primary asset is the country, Puerto Rico, that will be there regardless of what happens. A systematic method of control and recovery is implemented that is as a matter of course austere. However, it works.
The result is a pragmatic workout over time that has been practiced by bankers forever
Question is what “politicianspeech” are they using to hide from us what really is taking place!!!
Exactly right. Puerto Rico provides the precedent for an endless stream of looming governmental and pension bankruptcies. And we thought a $20 TRILLION national debt was bad! Just wait until the really big bailouts start kicking in.
If they are restructuring 72 billion in debt then SOMEBODY is taking a major hit. Besides, if somebody told me I didn't have to pay my bills I would consider it a bailout.
I read somewhere that the debtees are getting reorganized, Governtment Motors style. Retirees are moved to the top of the stack.
Brat and Gohmart do seem to get it right on spending issues. (pun intended) Are there any others we can trust?
So, they are selling Puerto Rico to someone?
The result is a pragmatic workout over time that has been practiced by bankers forever
- - - - -
What flavor is your Koolaid? What country that has been bailed out this way is better off today than it was before the bail out? The only way that works is the Icelandic way: Renounce the phony “debt” and jail the bankers!
You confuse bail out with work out
Ecuador
Peru
Chad
Burkina Faso
Philippines
Argentina
Venezuela until Chavez stopped the process
I wonder if the Hastert rule is no longer important because Denny Hastert turned out to be a pervert.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.