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house Bill H.R. 5278

The Revised Plan to Fix Puerto Rico’s $72 Billion Debt Crisis

Argument in favor

This bill offers the best path forward in resolving Puerto Rico’s debt crisis without a bailout or financial market turmoil. It provides Puerto Rico with a process to collaboratively restructure its debt with creditors, and enacts reforms to boost the economy.

Aspros's Opinion
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05/20/2016
How about Congress finally holds a vote on Puerto Rico statehood?
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Andrew's Opinion
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05/20/2016
Yes yes. They're a territory. It's our responsibility. Their power is limited, Congress is the authority. If we don't want to be responsible, then we should give them independence.
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madamesoleil's Opinion
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05/20/2016
Everyone needs to watch the John Oliver segment on Puerto Rico
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Argument opposed

The Oversight Board this bill creates would have too much control over Puerto Rico’s finances, and if it sides with creditors in negotiations then the Puerto Rican government may not receive as much debt relief as it needs. This is a bailout by another name.

BTSundra's Opinion
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05/20/2016
You can't have the best of both worlds. Either vote for statehood or deal with your own problems.
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chrisd3lacruz's Opinion
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06/09/2016
I don't know of any other way to voice my opinion in a way that matters, because lately I feel as though I don't matter because I am Puerto Rican. This bill is trash, not just because it would work to completely destroy the working and middle class in Puerto Rico, or because it would ruin environmental protections established, but because it would work against what we need to pull ourselves out of this fiscal crisis: MORE education and a minimum standard of living! We need a higher minimum wage not a lower one in order for us to be put on the right path, punishing THE FUTURE of this country merely for there age only exacerbates the problem further. You're snuffing your only source of income before it even has a chance to grow. $4.25 the hour is a death sentence for the more than 60% of people below the poverty line, and it would only exacerbate this situation infinitely. The PROMESA act is an act to kill my people and destroy my country; more than evidence for the argument that Puerto Ricans are lesser class citizens, it is a death sentence that the people do not deserve, nor have they merited it. I say NAY, I scream it! NAY to H.R.5278, and everybody who TRULY believes in freedom and justice for all say it too.
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Gopin2020's Opinion
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05/20/2016
No you made your mess , clean up your house yourself ; no more nanny state!
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    How about Congress finally holds a vote on Puerto Rico statehood?
    Like (187)
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    You can't have the best of both worlds. Either vote for statehood or deal with your own problems.
    Like (53)
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    Yes yes. They're a territory. It's our responsibility. Their power is limited, Congress is the authority. If we don't want to be responsible, then we should give them independence.
    Like (72)
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    I don't know of any other way to voice my opinion in a way that matters, because lately I feel as though I don't matter because I am Puerto Rican. This bill is trash, not just because it would work to completely destroy the working and middle class in Puerto Rico, or because it would ruin environmental protections established, but because it would work against what we need to pull ourselves out of this fiscal crisis: MORE education and a minimum standard of living! We need a higher minimum wage not a lower one in order for us to be put on the right path, punishing THE FUTURE of this country merely for there age only exacerbates the problem further. You're snuffing your only source of income before it even has a chance to grow. $4.25 the hour is a death sentence for the more than 60% of people below the poverty line, and it would only exacerbate this situation infinitely. The PROMESA act is an act to kill my people and destroy my country; more than evidence for the argument that Puerto Ricans are lesser class citizens, it is a death sentence that the people do not deserve, nor have they merited it. I say NAY, I scream it! NAY to H.R.5278, and everybody who TRULY believes in freedom and justice for all say it too.
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    Everyone needs to watch the John Oliver segment on Puerto Rico
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    No you made your mess , clean up your house yourself ; no more nanny state!
    Like (33)
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    Puerto Rico needs our help. They're Americans too and they deserve to be treated as such.
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    There are far too many people posting their opinion here based only on the Countable title of the bill without seeming to understand much about the Puerto Rico situation. I'm from Puerto Rico and my family lives there, and there's a fair amount of outrage due to this bill. Puerto Rico belongs to the states, but is not a part of it, so it has no voting rights in the US congress nor presidency. This is not the Puerto Ricans' choice, as many seem to believe. Puerto Rico's statehood is purely dependent on the US congress. This bill appoints an oversight board with no accountability to the people of Puerto Rico whatsoever, which simply means they will just push the island to pay its debt without any consideration as to the impact of their decisions on the healthcare and education systems in Puerto Rico. This bill reduces the minimum wage to under $5 an hour for folks under 25 - if any of you have traveled to Puerto Rico, you'll realize that's not a living wage, much less for someone who just finished an education. Lastly, what many here don't seem to realize when they say "they should fix their own mess, it's not our responsibility" is... every single Puerto Rican is a US citizen. My family can move to the US in a heartbeat and this kind of policy will simply make it all the more appealing for young Puerto Ricans to pay the $50 it costs to get on a JetBlue flight to the US, as 6000 Puerto Ricans have been doing each month for the past year. Furthermore, it is a combination of policies made in Congress and local PR policies that led the island to its current position. Being a territory with no voting power in congress, it is unfair to hold Puerto Rico fully accountable for its current position. Just like when a company fails we first look at its board of directors and executive teams, we should hold accountable both the United States and Puerto Rico politicians that shaped the current situation of what we like to call a US "territory", which is eerly similar to a colony.
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    You can't have autonomy and then want to be bailed out. Either become a state or start making reforms to your own welfare state.
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    Puerto Rico needs help. This won't solve their problems, but it's a step in the right direction. By removing Puerto Rico's right to declare bankruptcy in the 1980s, the federal government doomed the island. It's time the federal government did something.
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    NO! NO! NO! No more bailouts! Let's worry about our own debt....19 TRILLION....And let's not open the back door for Obama and the libs to bail out Illinois, California, Detroit, Baltimore, and any other municipality or pension plan that they have mismanaged.
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    This is despicable. Lowering the minimum wage to $4.25 for those under 25? What universe does Congress live in. Please call or email your Congress people, and ask them to vote no on the Promesa Bill. Puerto Ricans can't do this because they have virtually no representation in Congress. We need to stand up for our brothers and sisters.
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    This seems so ludicrous to me! Congress has allowed our lawless president to add more to our national debt than any other president in our history! But here they are, presuming to help Puerto Rico with THEIR debt problem! "Physician, heal thyself!" Who is keeping YOUR hands out of the cookie jar???! The American people had better start voting out a whole bunch of you incumbents, like North Carolina just did with Renee Ellmers! I don't want to see the United States of America go the way of Europe or Venezuela!! And we REALLY need to AUDIT THE FED!! And by the way, the Bilderbergers are only out for themselves and their presidential candidate of choice is none other than the corrupt Socialist, Hillary Clinton. If you elect Hillary as president, she will disarm us, grant amnesty to all the illegal aliens, bring in thousands more Muslim "refugees," continue or expand Obama's and the globalists' open borders policy, raise taxes, burden us with a plethora of new regulations, and tighten the noose of tyranny around our necks until we can hardly BREATHE! How are you going to find a good job, if you're having to compete with all the new foreigners invading our country? Oh, wait! 90% of them will be on WELFARE and be given all KINDS of ENTITLEMENTS! AT OUR EXPENSE!! She is BOUND to take us right down the same path as Europe and Venezuela, and there will BE no more free world! You will regret having elected your first woman president, just like we have come to regret our first black president! And before any of you call me a racist, just let me add that I would GLADLY substitute Sheriff David Clarke or Lt. Col. Allen West for the man currently occupying the White House!
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    While Puerto Rico brought on some of its own debt troubles, Wall Street preyed upon the situation and made fixing the problem impossible. We need to help clean up this mess and reign in the circus that is Wall Street.
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    This board sounds more political than helpful. Puerto Rico is a US territory and has many of the traditional obligations of states with few of the actual benefits. If states were in a similar situation, they would be allowed to file Bankruptcy and then restructure their debt. Puerto Rico should be given the same option. Remember, this is a restructuring of debt and NOT a bailout (despite what some very misleading TV commercials would have you believe). In many ways, it was congressional involvement in Puerto Rico that led to the bonds in the first place, it's time to let the People of Puerto Rico restructure their debt to alleviate the current financial crisis. If this board was a group of non-partisan experts, maybe, but this board will be composed of clearly partisan selections who may or may not have the best interests of the people of Puerto Rico at heart.
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    I do not agree with giving more power to the bankers! They are the ones behind most of our financial issues.
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    We need to support our Territory. If we can't take care of them then they need to be their own country.
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    Hopefully this will work well, and spur Congress to do something about our own debt.
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    The Puerto Rico government learned from NYC. Spend, borrow and promise looked like a good thing. And when the piggy bank got low, sugar daddy, the US would bail out the debt, pensions and broken infrastructure like CA, IL, or CT. While $72B is chump change or a rounding error, real Taxpayers are effected and the US Debt of $20T increases. Democratic Congressman still haven't learned that you can't Tax yourself into prosperity. Hawaii is also approaching this indebtedness and it's a state. What's with these islands? So sorry PR, maybe your buddy Charlie Rangel or Sen Menendez can help. PS, ex-POTUS may want an island off the East Coast since he has house off the West Coast in HI.
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    When your neighbor's house in on fire, you don't negotiate over the price of your fire hose.
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