Puerto Rico's economic crisis: How it happened, what's next
WASHINGTON (AP) — One bond payment missed, another looms for debt-ridden Puerto Rico as Congress fights over how to help the U.S. territory and its 3.5 million Americans.
Treasury Secretary Jacob Lew traveled to the island on Monday to highlight the impact of the financial crisis and increase the pressure on lawmakers to act.
[...] complicating lawmakers' efforts to steer the U.S. territory away from economic collapse are ads airing nationwide that claim the legislation amounts to a financial bailout, even though the bill has no direct financial aid.
Agricultural revenue has diminished and federal tax incentives that lured manufacturers were phased out by Congress a decade ago.
Ryan is lobbying his House Republican caucus to support the legislation, which would create a control board to help manage the island's $70 billion debt and to oversee some debt restructuring.
In an email to former colleagues obtained by The Associated Press, Mack wrote: The legislation is pure and simple a BAILOUT on the backs of taxpayers, retirees and savers ...
The Alexandria, Virginia-based group was founded in the late 1990s by tobacco industry leaders seeking to fight government restrictions on smoking.
In the years since, it has evolved to aid Republican politicians and take up conservative causes such as balancing the federal budget and fighting donor disclosure laws at the state level.