The real cost of bailing out Puerto Rico

A preview of this month’s scramble to save Puerto Rico from a debt catastrophe played out in the fall between two familiar adversaries in a Senate office hearing room.

On the witness side of the dais was Antonio Weiss, the Treasury counselor dispatched to warn the Senate Energy and Natural Resources Committee that Puerto Rico faced an “economic and fiscal crisis” that, unless Congress intervened, could become a “humanitarian crisis as well.”