World Economy

Deadline Missed

Deadline MissedDeadline Missed

US House Republicans have missed a self-imposed deadline for a plan to help Puerto Rico manage $70 billion in debt, AP reported. Legislation was expected this week to create a control board to help manage the US territory’s financial obligations and oversee some debt restructuring. It would have been the third version of the House bill, which has come under fire from conservatives who feared it would set a precedent for financially ailing states and Democrats concerned the control board would be too powerful and favorable to creditors. Puerto Rico has been mired in economic stagnation for a decade.