Like Causes?

Install the App
TRY NOW

house Bill H.R. 870

If Puerto Rico’s Government Declares Bankruptcy, Should It Get the Same Protections as States and Cities?

Argument in favor

Let’s be clear — this is not a bailout, and doesn’t authorize a bailout. All this bill does is allow Puerto Rico to use the same bankruptcy process available to states and cities.

···
07/10/2015
"Puerto Rico should be able to negotiate with its creditors just as states can under the U.S. Bankruptcy code." [vox.com]
Like (46)
Follow
Share
JebBush's Opinion
···
07/10/2015
“Puerto Rico should be given the same rights as the states. In order for Puerto Rico to eventually become a state, it must begin by being treated as a state.” - http://www.bloomberg.com/politics/articles/2015-04-28/bush-says-puerto-rico-agencies-should-have-access-to-bankruptcy
Like (37)
Follow
Share
Kristin's Opinion
···
12/22/2015
It's not a bailout--did people read anything besides the title??? And 61% voted yes to become a state in 2012 but congress has done NOTHING to move it forward. The United States bears a large moral obligation to Puerto Rico. We started a war of aggression to steal it from Spain, and treated it like dirt for five decades, imposing U.S. law and ignoring several votes for independence. Puerto Ricans only got citizenship in 1917 so they could be drafted to fight in World War I. Educate yourself before you vote, people!! Good grief I thought that's what this app was for!!
Like (8)
Follow
Share

Argument opposed

Allowing Puerto Rico to go through Chapter 9 bankruptcy will lead to it not repaying its creditors in-full, which will have a broader economic impact on investment and pension funds.

Zenra123's Opinion
···
08/05/2015
Puerto Rico does not pay any taxes to the federal government. Why should the States pay taxes to bail out Puerto Rico, when we could be using our Tax Dollars to pay for infrastructure, education, and healthcare?
Like (21)
Follow
Share
Bradley j.'s Opinion
···
07/29/2015
Puerto Rico has time and time again voted not to be a state of the United States therefore I believe that they should be on their own if they file bankruptcy.
Like (17)
Follow
Share
Mdurham44's Opinion
···
08/05/2015
Why must the USA prop up every failed economic system this side of the Atlantic?!
Like (8)
Follow
Share
    "Puerto Rico should be able to negotiate with its creditors just as states can under the U.S. Bankruptcy code." [vox.com]
    Like (46)
    Follow
    Share
    Puerto Rico does not pay any taxes to the federal government. Why should the States pay taxes to bail out Puerto Rico, when we could be using our Tax Dollars to pay for infrastructure, education, and healthcare?
    Like (21)
    Follow
    Share
    “Puerto Rico should be given the same rights as the states. In order for Puerto Rico to eventually become a state, it must begin by being treated as a state.” - http://www.bloomberg.com/politics/articles/2015-04-28/bush-says-puerto-rico-agencies-should-have-access-to-bankruptcy
    Like (37)
    Follow
    Share
    Puerto Rico has time and time again voted not to be a state of the United States therefore I believe that they should be on their own if they file bankruptcy.
    Like (17)
    Follow
    Share
    Why must the USA prop up every failed economic system this side of the Atlantic?!
    Like (8)
    Follow
    Share
    It's not a bailout--did people read anything besides the title??? And 61% voted yes to become a state in 2012 but congress has done NOTHING to move it forward. The United States bears a large moral obligation to Puerto Rico. We started a war of aggression to steal it from Spain, and treated it like dirt for five decades, imposing U.S. law and ignoring several votes for independence. Puerto Ricans only got citizenship in 1917 so they could be drafted to fight in World War I. Educate yourself before you vote, people!! Good grief I thought that's what this app was for!!
    Like (8)
    Follow
    Share
    If we consider things territories they are our responsibility
    Like (6)
    Follow
    Share
    Why should WE bail them out? They've had plenty of chances to become a State and have never taken advantage of those chances.
    Like (6)
    Follow
    Share
    Merely disagreeing because Hillary, Martin, and Jeb are all for it.. So it must be a terrible idea!
    Like (5)
    Follow
    Share
    They are not a state, and have chosen to have said status. Can't have best of both worlds.
    Like (4)
    Follow
    Share
    Until they become a state, they do not get the same rights as a state.
    Like (3)
    Follow
    Share
    They aren't a state, so no, state rights don't apply to them. Not to mention the Federal Government shouldn't handle anyone's debt until they handle their own. If a place can't be productive enough to survive, then let's get the citizens of that place to a productive place so they can actually help the world a little
    Like (3)
    Follow
    Share
    They have voted time and again not to be a state!
    Like (2)
    Follow
    Share
    They don't pay taxes, therefore they are not entitled to the protections of this country. They have always voted not to become a state and shouldn't get any of the good with out the bad too.
    Like (2)
    Follow
    Share
    Why give state right away without the cost of being a state? A solution is to have them be a state in the USA.
    Like (2)
    Follow
    Share
    Not a state by choice. No states rights by default. Why debate it. If they join the union, then maybe it's an option.
    Like (2)
    Follow
    Share
    First, become a state. Then ask for rights as a state.
    Like (2)
    Follow
    Share
    They are not a state and have shown in the past they do not want to be a state. Now they are in trouble they want us to help them out. They made their bed, let them sleep in it.
    Like (2)
    Follow
    Share
    Declaration of bankruptcy receives specific protections as designated in the particular category (chapter) which is applicable. What is not clear in the above that should require new thinking? I would say that bankruptcy law was abrogated badly in the GM and Chrysler reorganizations precisely because the Obama regime set out to rapaciously take advantage of the crisis for its own aggrandizement. The troubling fallout from that rogue intervention is to call in question the tradition that bondholding is intrinsically a safer investment than shareholding.
    Like (2)
    Follow
    Share
    It is not a state. We can't afford to bail them out. Our national debt is ridiculous already. We should spend the money to rebuild our military that Obama has practically annihilated.
    Like (2)
    Follow
    Share
    MORE