WASHINGTON (Sputnik) — The US Congress should take prompt steps to address Puerto Rico’s debt crisis, as the territory defaults on its debt, White House Press Secretary Josh Earnest said in a briefing on Monday.
"I do not think there are any good options for the Puerto Rican government at this point," Earnest stated. "This situation requires an urgent response, and Republicans in Congress have been dragging their feet for too long."
On Monday, Puerto Rico officially defaulted on its debt payments to creditors, standing at $422 million.
The Obama administration has warned of a potential humanitarian crisis if Puerto Rico defaults on its loans. The poverty rate on the island is already three times higher than in the mainland United States and public services will likely be cut if the crisis is not resolved.
At present, Puerto Rico’s debt amounts to $72 billion.
