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"The
Senate should take up the matter immediately," Lew said in a
letter to Senate Majority Leader Mitch McConnell. "Delay will
only jeopardize the ability of Congress to conclude its work
before July 1, a critical deadline Puerto Rico's leadership has
publicly highlighted for months."
If no action is taken, the crisis there will only ratchet
higher, he said in the letter. Puerto Rico faces a deadline on
Friday to pay off $2 billion of its debts.
The financially ailing island is staring down $70 billion worth
of debt that it says it cannot repay in full, adding to its 45
percent poverty rate and rising emigration to the U.S. mainland
that is also cutting into its economic growth.
The Republican-led U.S. House of Representatives already passed
legislation to address Puerto Rico's debt before leaving
Washington for the July 4 holiday break. The Senate is expected
to recess at the end of this week.
The House bill, a rare piece of bipartisan legislation, would
establish a federal oversight board to negotiate various debt
restructurings while seeking to institute balanced budgets on
the island, a U.S. territory with 3.5 million residents.
Lew called on senators to also pass the House measure - the
"Puerto Rico Oversight, Management and Economic Stability Act,"
or PROMESA - this week to get it to President Barack Obama to
sign into law before Friday's payment deadline.
The Senate, also controlled by Republicans, is expected to
debate the measure this week, but Democrats have said they want
changes - a move that could complicate its passage. A vote is
expected this week.
(Reporting by Susan Heavey and Dan Bases; Editing by Chizu
Nomiyama)
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