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Should Congress take action to bail out Puerto Rico?




Speaker of the House Paul Ryan (R-WI) answers questions during his first weekly news conference at the U.S. Capitol in Washington, DC.
Speaker of the House Paul Ryan (R-WI) answers questions during his first weekly news conference at the U.S. Capitol in Washington, DC.
Win McNamee/Getty Images

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Puerto Rico’s economy is on the brink of collapse. The territory is facing a $422 million bond payment on May 1. The territory owes about $70 billion in total debt.

Lawmakers have been trying to come up with a legislative solution to that would install a control board to help the island restructure its debt. Even though the bill is backed by House Speaker Paul Ryan, many Republicans see it as a bailout that doesn’t call for true economic reforms in the island.

Proponents contend that the bill would simply extend Chapter 9 protection to a US territory, something that’s enjoyed by cities on the mainland.

Guests:

Michael Madowitz, an economist at the Center for American Progress, a progressive think tank in DC

Rachel Greszler, Senior Policy Analyst in economics and entitlements at the research institution The Heritage Foundation