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White House budget chief Mick Mulvaney said Wednesday he wouldn't take President Trump's comments about wiping out Puerto Rico's debt "word for word." "I wouldn't take it work for word with that," he said. "I talked the president about this at some length yesterday as we flew home on Air Force One." Mulvaney said now, the administration is focused on making sure the island is safe and "that we're rebuilding the island." "Dealing with the challenges that Puerto Rico had, the island is at least $72 billion in debt, $120 if you go by other counts, before the storm," he...

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...

...Paul Ryan has reached a tentative deal with the Treasury Department on a rescue package to ease Puerto Rico's debt crisis, according to House Natural Resources Chairman Rob Bishop, who has been leading negotiations. “We are moving forward — there is a deal,” the Utah Republican said Wednesday afternoon, adding that legislative text of the deal would be released later on Wednesday. Details of that deal were released by Bishop’s committee Wednesday night, when the bill was introduced. The agreement represents a breakthrough on an issue that has been stuck in congressional limbo for months. Ryan (R-Wis.) said last year...

The island’s troubles have their origin in an era of corporate tax incentives in the 1970s that exempted firms from paying federal taxes on profits earned in Puerto Rico. This was done to prevent tax-allergic American companies from setting up shop outside the country. Pharmaceutical, textile and electronics companies flocked to the island to spark a manufacturing boom that lasted for around two decades. In 1996, the American government, under the Clinton administration, started weaning Puerto Rico off these tax breaks to offset some of the country’s federal deficit. The largesse disappeared entirely in 2006 and its economy has suffered...

(English translation) United States Secretary of the Treasury Jacob Lew will visit Puerto Rico next Wednesday to meet with government and civic leaders. It was reported that they will discuss the island's fiscal and public-debt crisis. According to Treasury's spokesman, among the people Lew is scheduled to meet with are Governor Alejandro Garcia Padilla, Resident Commissioner Pedro Pierluisi, and legislative, community, labor, and business leaders.

The government of Puerto Rico has failed to make $37.3 million in debt repayments, a selective default dictated by lack of liquidity, Public Affairs Secretary Jesus Manuel Ortiz told EFE Tuesday. The island's government signaled last week that it would not make the payments, which were due by midnight Monday. The defaulted debt corresponds to $35.9 million in bonds issued by the Puerto Rico Infrastructure Finance Authority and $1.4 million in Public Finance Corp. bonds. Rating agency Standard & Poor's said Monday that if Puerto Rico didn't pay the $37.3 million by midnight, the bonds would be declared in default....

(English translation) While the [Puerto Rico] government is bracing for the consequences of partial non-payment of its debt with creditors, the Governor's Mansion is preparing to celebrate an Epiphany festivity on January 5. It was announced in an invitation released to the general public that the activity will begin with visits to the grounds of the Santa Catalina Palace [the Governor's Mansion] from 3:00 PM to 5:00 PM. The Executive Mansion will later present a musical performance by the Puerto Rico State Band under director and composer Angel "Cucco" Pena. According to the provided information, the concert is scheduled to...

There's no "Happy New Year" for Puerto Rico. Puerto Rico will default -- again -- on some of its bonds payments. The island owes about $1 billion to creditors on January 4. Governor Alejandro García Padilla said Wednesday that the island will make all payments except for $37.3 million. He claims the debts that will go unpaid were never guaranteed by Puerto Rico and the creditors should know this. It will be the second default in the island's history. The first default occurred in early August. Puerto Rico is trying to figure out how to deal with about $73 billion...