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Obama Urges Congress to Help Puerto Rico Resolve Debt Crisis – White House

© AP Photo / Gerald HerbertUS President Barack Obama
US President Barack Obama - Sputnik International
US President Barack Obama’s administration has urged Congress to provide Puerto Rico with support to emerge from a serious debt crisis, with the island on course to run out of funds by the end of 2015, a statement on the White House’s website said.

In this Aug. 2, 2015, file photo, a homeless man stands in front of a closed down business in Puerta de Tierra in the outskirts of Old San Juan, Puerto Rico - Sputnik International
Debt-Riddled Puerto Rico Stumbles Between Statehood and More Sovereignty
MOSCOW (Sputnik) The Obama administration said a broader bankruptcy protection, available only to Puerto Rican territories, but not fiscally pressed states, is necessary to help the island avert an economic crisis and restructure its $73-billion debt.

"Puerto Rico cannot solve this crisis alone… The Administration is committed to continuing to work with Puerto Rico, but Congress must act to resolve this crisis," the statement said.

The statement said the island’s authorities should introduce "tough reforms, stronger fiscal governance and credible budget controls" to strengthen its economy.

The administration proposed a four-step program calling on Congress to approve restructuring Puerto Rico's debt burden and provide oversight for a credible recovery plan.

Puerto Rico is beset by financial difficulties following an August debt default.

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