On July 1, the Puerto Rico government is set to default on nearly $2 billion in debt payments. Despite a range of austerity measures, including closing hundreds of schools and dramatically reducing the funding of government services, the Commonwealth simply lacks the funds to satisfy the upcoming payment.
On June 10, the U.S. House of Representatives, in a bipartisan vote, approved the Puerto Rico Oversight, Management and Economic Stability Act – or PROMESA – to avert the effects of this rapidly approaching default. While imperfect, the bill contains tools and protections that would provide immediate relief for Puerto Rico. The Senate is expected to consider PROMESA next week just ahead of the July 1 deadline. Congress is the only body with oversight to prevent the additional fiscal and humanitarian crisis Puerto Rico will face without immediate action.
Please join the Center for American Progress Action Fund for an exclusive discussion with Puerto Rico Governor Alejandro García Padilla, Antonio Weiss, Counselor to the U.S. Treasury Secretary and point person for the Administration’s response to the crisis, Puerto Rico Resident Commissioner Pedro Pierluisi, and Simon Johnson, a leading economist and expert on Puerto Rico’s fiscal crisis. The panel will discuss pros and cons of the PROMESA bill and how things will play out if Congress does not act before July 1.