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Posted on 02/25/2016 4:06:23 PM PST by Olog-hai
The U.S. Treasury Department on Thursday warned of a potential government shutdown in Puerto Rico and lengthy litigation if Congress doesn't approve a debt restructuring plan for the U.S. territory soon.
Antonio Weiss, counselor to the U.S. Treasury secretary, issued the warning as House Republicans held hearings in Washington during a final push to address the island's failing economy.
Weiss said he supports a plan that would temporarily suspend litigation to prevent a shutdown of basic government services on the U.S. territory and give time for voluntary negotiations with debt holders. ...
(Excerpt) Read more at hosted.ap.org ...
boo freaking hoo....
why do we have to always bail out the planet??
And the downfall is?
So?
Not just no but Hell No!
L
AW, let’s just let them print their own money and all will be well.
Why is it the responsibility of the federal government to bail out Puerto Rico? The fed govt is broke; $19 trillion in debt and many more trillions in unfunded liabilities.
Plus will this set a precedent to bail out various states which are broke such as Illinois, California, and others? What about so many cities such as Detroit which are ready to go under???
Let them shut down. Why should I have to pay for them?
Cut them loose. Make them make the painful adjustments their government needs to make.
Otherwise its just enabling behavior, if we bail out Puerto Rico.
And it would set a bad precedent for the next place which requests a bailout.
Puerto Rico had a thriving pharmaceutical industry thanks to some generous tax breaks set up decades ago. Thousands of well paying high tech jobs. Liberal governor let the tax breaks expire and most of the pharmaceutical firms moved right back out.
Now not only are jobs gone but thousands of hard working, well trained and highly paid Puerto Ricans have moved to the continental U.S. to keep working in their field.
So in one move PR lost their tax base, their jobs and created a massive brain drain.
This is what happens in a Socialist nirvana. Sometimes you just can’t raise taxes enough to cover all the giveaways.
Venezuela ran out of toilet paper a while ago. This week it’s food and medicine. Their super markets look like the ones in the old Soviet Union now. Lots of shelves with nothing but dust on them
This is a camel’s nose under the tent situation. “If we helped out Puerto Rico, it should be a pilot program for partnerships with our overburdened State and local governments, like Chicago and Detroit.”
In other words, further establish government workers with their fat pensions as a privileged class for life on the backs of the productive economy.
But even with those problems, has their government done anything to restrain spending, restrain borrowing, or work on economic development???
Why is Puerto Rico our Greece?
Puerto Rico could shut down? I wonder what that means? Is that like Guam tipping over? Somebody call Hank Johnson. Is there going to be a boatlift to Miami like the Mariel boatlift from Cuba? Puerto Rico is already a US commonwealth so they can’t be sent back if they do come.
Liberals call that Utopia, their Socialist Dream!
Just goes to show you what happens when you give a perfectly good island to a bunch of Mexicans
Why, are myriads of terrorists coming into the US via PR?
So, go tell your sad tale in bankruptcy court.
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