House Speaker Paul Ryan said Friday that GOP lawmakers have not reached agreement on a plan to steer Puerto Rico out of a $72 billion debt crisis.
“Talks will continue,” a House source said after a closed-door meeting attended by House Republicans Friday morning.
The GOP-led Natural Resources Committee dropped plans to try to advance the legislation this week when it could not round up enough votes. Republicans said Democrats were opposed to the bill, but many Republicans have their own reservations about it too.
Meanwhile, the Obama administration is trying to make last-minute changes to the bill. The legislation would establish a control board to rein in spending and order debt restructuring if necessary.
In Friday’s meeting, Rep. Sean Duffy, R-Wis., who is the author of the legislation, “presented the facts at hand and the proposal” to lawmakers, according a source in the room.
Conservatives opposed to the bill say the debt restructuring provisions are akin to bankruptcy protection, which could leave taxpayers on the hook for Puerto Rico’s debt.
Some Democrats are opposed to the control board, which they say would make it harder for Puerto Rico, a U.S. territory, to sustain self-governance. But Democratic leaders have signaled they are ready to get the bill moving.
“There is no money going to Puerto Rico,” said House Minority Whip Steny Hoyer, D-Md. “This is simply whether or not we can construct a mechanism so they can restructure their debt. We are not contemplating, nor are we moving forward on a bailout for Puerto Rico.”
Natural Resources Committee Chairman Rob Bishop, R-Utah, didn’t rule out making another attempt to advance the bill next week.
“There is still one issue the Treasury Department and the administration wants settled,” Bishop said. “It’s just one of those things where it wasn’t quite ready. I do think ultimately the bill will come out of the committee and it will be a good bill. But we are still working on it.”
