World Economy

Delay in Rescue Package

Delay in Rescue PackageDelay in Rescue Package

Treasury Secretary Jack Lew on Tuesday faced Senate Democrats skeptical about a rescue package for debt-stricken Puerto Rico, raising doubts about its fate just 10 days before the US territory must make a $2 billion payment to creditors, Reuters reported. “The question at the end of the day will be, does Congress act to give Puerto Rico the tools, a lifeline, so that the 3.5 million Americans who live in Puerto Rico don’t get plunged into chaos?” Lew told reporters after the closed-door meeting. He made the trip to Capitol Hill to pressure Democrats to support the package, which would create a new control board and restructure some of the US territory’s $70 billion debt.