Lew Urges Congress to Act on Puerto Rico to Avoid Bailout

[Weird Tolkienish Figure]

U.S. Treasury Secretary Jacob J. Lew warned that Puerto Rico may need a U.S. government bailout if Congress doesn’t pass a bill that helps the island restructure its debt and prevents a series of “cascading defaults.”

http://www.bloomberg.com/news/articles/2016-05-02/lew-urges-congress-to-act-on-puerto-rico-s-debt-to-avoid-bailout

[oldmomster]

Will cautions that a PR fix should NOT be just the first step toward bailing out Illinois

http://www.newsmax.com/GeorgeWill/puerto-rico-illinois-bailout/2016/04/28/id/726213/
Love this line:
'Puerto Rico's political class recoils from a control board exercising federal oversight, which Gov. Alejandro Garcia Padilla calls a "shameful and degrading" measure to deprive the island "of its own government."

Like letting the country go broke isn't shameful in itself?  Time for the economic ninnies to be FIRED!

NO bailouts ALL the time.

[Weird Tolkienish Figure]

I don't understand -- why would taxpayers have to finance a bailout?  Can't we just let the chips fall where they may?

Agree on the bailout, I guess PR wants a "restructuring" first, which seems to me to mean robbing peter to pay paul until things get better.

I'm pretty angry though hearing any talk of a bailout. Another Dem run locality goes to the shitter.

[oldmomster]

I don't understand -- why would taxpayers have to finance a bailout?  Can't we just let the chips fall where they may?

dem'RATS pressing for action as they do not want to see union pensions sink. 

[MajorClay]

Wait until we have to Bail out California or Illinois.