Treasury secretary urges Senate to pass Puerto Rico bill before next debt default

Treasury secretary urges Senate to pass Puerto Rico bill before next debt default

Jack Lew warns debt crisis in US territory ‘will ratchet up’ if it defaults on $2bn payment on Friday as Senate expected to vote on bill later this weekThe US Senate must take immediate action to address Puerto Rico’s $70bn debt crisis, Treasury secretary Jack Lew said on Monday, days before the near bankrupt territory looks set to default on its debts once more. In a letter addressed to Senate leadership, Lew called on Congress to pass a bill addressing the issue before the US territory defaults on a $2bn debt payment this Friday. Continue reading...

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