Puerto Rico is in trouble. And if it stays on this path, American taxpayers will be in trouble too. But if we act now, we can prevent a bailout and end the crisis.

Decades of fiscal mismanagement have created a nightmare scenario where this U.S. territory is in way over its head — to the tune of $118 billion dollars in the form of bonds and unfunded pension liabilities. The Puerto Rican government is currently defaulting on these debt obligations, which has serious consequences for the island. Many hospitals and schools have shuttered already. What’s next? Blackouts and sewage system failures. This is happening now to an already impoverished people — people who are U.S. citizens who pay taxes and fight alongside us in our wars. If we want to avert calamity and prevent a taxpayer bailout of the island, we must act now.