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Congress balks at lifeline for Puerto Rico – Seung Min Kim and Burgess Everett – POLITICO

Puerto Rico is suffocating under a mountain of $73 billion in debt — and everyone from Jeb Bush to Hillary Clinton to Barack Obama is urging Congress to throw the U.S. territory a bankruptcy lifeline.

Like European creditors wary of bailing out debt-ridden Greece, many Hill Republicans — from GOP presidential hopefuls to fiery rank-and-file conservatives — have no interest in rescuing the island from self-induced borrowing woes by allowing it to access key bankruptcy protections.

“I’m very reluctant to go down this road of bankruptcy because I don’t know where it ends,” said Sen. Lindsey Graham (R-S.C.), a contender for the 2016 presidential nomination. “I talked to my people, really haven’t made up my mind yet. But I don’t see me supporting the Democratic legislation.”

Capitol Hill’s response? A slow shrug.


Read more: http://www.politico.com/story/2015/07/congress-balks-at-lifeline-for-puerto-rico-119876.html#ixzz3fRCT5GJB

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