Statement by the Press Secretary on the Puerto Rico Oversight, Management, and Economic Stability Act
We commend the House for acting in a bipartisan fashion to address the crisis in Puerto Rico. While the legislation is not perfect, it is an important first step to addressing Puerto Rico's challenges. The bill helps to protect the 3.5 million Americans living in Puerto Rico from further reductions in critical public services while giving Puerto Rico the tools it needs to restructure its debt.
The Senate should act expeditiously to review and vote on this measure, so the President can sign the bill into law ahead of the critical July 1st debt payment deadline. As we have said, Puerto Rico's path forward to economic growth requires not just the financial tools in this bill to address the immediate debt crisis, but also additional economic tools to grow Puerto Rico's economy in the long run. To that end, consistent with the President’s plan released last year, Congress will need to take additional steps to ensure that Puerto Rico can provide access to quality health care and job opportunities for all its citizens. We urge leaders in both parties to build on today's bipartisan momentum and help Puerto Rico move toward lasting economic prosperity.