WASHINGTON — President Barack Obama is urging the Senate to swiftly send him a bill to help Puerto Rico manage its staggering debt crisis.
In his weekly Saturday address, Obama says a pending bipartisan bill is not a perfect solution. But he says it’s the only option to keep the U.S. territory from spiraling out of control.
The House bolstered prospects for Senate passage by voting overwhelmingly Thursday in favor of a rescue package to ease the island’s $70 billion debt.
Puerto Rico owes its creditors $2 billion payment by July 1.
Obama says only Congress can give Puerto Rico the tools it currently lacks to restructure its debt and find a sustainable path toward economic growth and opportunity for its people.
He notes that Puerto Rico’s residents are U.S. citizens.