Puerto Rico

payPuerto Rico

On Thursday the House considered H.R. 5278, the Puerto Rico Oversight, Management and Economic Stability Act. Puerto Rico is a United States territory and its residents are citizens. It is currently facing a significant financial crisis, deep in debt with many essential services being reduced or eliminated. On July 1st, $2 billion in bond payments are due and Puerto Rico is at risk of defaulting on them. H.R. 5278 is a bipartisan compromise drafted in consultation with the White House and Treasury Department. It establishes a process for Puerto Rico to restructure 100% of its debt. It creates a Financial Oversight and Management Board which will have authority over annual budgets. H.R. 5278 places Puerto Rico on the path to stability. H.R. 5278 passed 297 to 127. A majority of Republicans and most Democrats voted AYE, but Rep. Reed was not among them. Why not, Tom; have you no concern for our fellow Americans in Puerto Rico? 



About whungerford

* Contributor at NewNY23rd.com where we discuss the politics, economics, and events of the New New York 23rd Congressional District (Allegany, Cattaraugus, Chautauqua, Chemung, (Eastern) Ontario, Schuyler, Seneca, Steuben,Tioga, Tompkins, and Yates Counties) Please visit and comment on whatever strikes your fancy.
This entry was posted in Congress, Political, Reed's Views and tagged . Bookmark the permalink.

4 Responses to Puerto Rico

  1. josephurban says:

    The time for this “territory” with 3.5 million citizens is over. Either make PR the 51st state or let them become an independent nation.

    Liked by 1 person

  2. whungerford says:

    I suppose Tom voted against this bill because there is nothing in it for him.


  3. Deb Meeker says:

    It may have been a knee-jerk reaction. Tom Reed is a debt collector at heart, not one to show mercy or consideration.

    Liked by 1 person

  4. pystew says:

    It doesn’t matter that residents Puerto Rico are citizens. He voted the way Carl Paladino and the Donald told him to vote.


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