Home

Support for Puerto Rican Bankruptcy Builds

Schumer wants Congress to authorize Chapter 9 bankruptcy for Puerto Rico. (Tom Williams/CQ Roll Call)

Puerto Rico's slide toward Chapter 9 bankruptcy continues to gain momentum; Sen. Charles E. Schumer announced Tuesday his intention to introduce legislation allowing such a move.  

The New York Democrat, along with Sen. Richard Blumenthal, D-Conn., is bringing to the Senate the companion bill to the measure Puerto Rico's resident commissioner, Democrat Pedro R. Pierluisi , introduced in the House. “Senator Blumenthal and I will introduce this bill either way, but we are hoping to get Republican cosponsors to make this bill bipartisan,” Schumer said in a statement.  

Schumer and Blumenthal's announcement came a day after the White House issued tepid support for the measure, as White House Press Secretary Josh Earnest said Congress should “take a look at” granting Puerto Rico the ability to declare Chapter 9 bankruptcy but ruled out a bailout of the U.S. territory .  

Although pressure has been building for some time — Pierluisi introduced bankruptcy legislation last Congress as well  — the island's finances have garnered widespread attention since the governor said recently the territory's $72 billion debt is "not payable."

Related:

Let Puerto Rico Go Bankrupt? Maybe See photos, follies, HOH Hits and Misses and more at Roll Call's new video site. Get breaking news alerts and more from Roll Call in your inbox or on your iPhone.