Legislation that would restructure Puerto Rico’s $72 billion debt problem was added to the House calendar by Majority Leader Kevin McCarthy on Friday evening, putting it on track for a possible vote next week.
Set to be considered as early as Thursday, the bill, H.R. 5278, would appoint an oversight board to help the struggling U.S. territory manage its finances. Senate lawmakers have said they will wait until the House version of the bill passes instead of filing legislation of their own.
The bill has support from prominent lawmakers from both parties, including House Speaker Paul Ryan and Minority Leader Nancy Pelosi. However some Democrats oppose some elements of the legislation, which includes limiting minimum wage hikes. Some conservatives too have their issues with the bill, seeing it as a taxpayer bailout.
Last month, the Puerto Rico Oversight, Management, and Economic Stability Act passed the House Natural Resources Committee by a vote of 29-10, after lawmakers participated in bipartisan negotiations with the White House.
Ryan praised the committee for approving the legislation.
“It’s important that we go through regular order to pass PROMESA, our bipartisan legislation that protects American taxpayers,” the Wisconsin lawmaker said in a statement. “I commend the members of the Natural Resources Committee — on both sides of the aisle — who worked to responsibly address Puerto Rico’s fiscal crisis and prevent a bailout.”
Puerto Rico has its next debt payment — $1.9 billion — due on July 1.
