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US Senate to Vote on Puerto Rico Bill Wednesday

© Flickr / rj_schmidtUSA Freedom Act Passes US House Vote, Moves to Senate
USA Freedom Act Passes US House Vote, Moves to Senate - Sputnik International
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Republican Majority Leader Mitch McConnell said that the US Senate will take up legislation to help Puerto Rico avoid a debt default on Wednesday.

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
US Congress Must Act by July 1 on Puerto Rico’s $2Bln Debt
WASHINGTON (Sputnik) — The US Senate will take up legislation to help Puerto Rico avoid a debt default on Wednesday, Republican Majority Leader Mitch McConnell told reporters.

"With regard to Puerto Rico, we will be voting on that tomorrow," McConnell said on Tuesday, adding the bill up for consideration "sets up a mechanism that guarantees there won’t be a taxpayer bailout of Puerto Rico in the future."

The House of Representatives has already passed legislation to establish a financial oversight board to help Puerto Rico address its $70 billion debt crisis before July 1.

Treasury Secretary Jack Lew scheduled meetings with lawmakers on Tuesday to consolidate support for the rescue bill, which is supported by the White House, but opposed by some Senate Democrats, including Senator Bernie Sanders.

The US territory, which is unable to declare bankruptcy, is due to pay $2 billion of debt.

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