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senate Bill S. 2328

The Updated Plan to Help Puerto Rico Resolve its $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.

fdbetancor's Opinion
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07/01/2016
I'm happy to restructure PR's debt with neither a cut in basic services nor a taxpayer bailout. But isn't it time for PR to end it's inbetween status and become a full US state? There are already more Puerto Ricans on the mainland than on the island, and we would gladly welcome them as full members of our Union.
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operaman's Opinion
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06/29/2016
An appointed board not being subject to Puerto Rico's normal governing process may work. Waiting for Labor to start screaming about their benefits. Just think, a better run PR may bring more tourists and a increase in capital type business. Socialist is really admired until it runs out of taxpayers money. The Piper must be paid. $72Billion. This is not a rounding error.
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Ron's Opinion
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07/08/2016
I do believe since they are still a US territory that this is the best we can do. I also believe that we as a nation can not afford to repeat this effort. Puerto Rico needs to either become a state of the union or be given its independence.
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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.

injostice's Opinion
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06/29/2016
Can you say bailout? Puerto Rico needs to either be granted independence or statehood.
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Joshua's Opinion
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06/30/2016
The Puerto Rican Government needs to answer for its poor decisions. It is not the responsibility of the taxpayer to bail out their creditors.
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Dorothy's Opinion
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06/29/2016
It is a colonialist bill! Recent polls in Puerto Rico show the people do not want it. They are protesting it it. The bill uses austerity and overrides democracy. It assigns a financial control board over the common wealth over Puerto Rico.
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    I'm happy to restructure PR's debt with neither a cut in basic services nor a taxpayer bailout. But isn't it time for PR to end it's inbetween status and become a full US state? There are already more Puerto Ricans on the mainland than on the island, and we would gladly welcome them as full members of our Union.
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    Can you say bailout? Puerto Rico needs to either be granted independence or statehood.
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    The Puerto Rican Government needs to answer for its poor decisions. It is not the responsibility of the taxpayer to bail out their creditors.
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    An appointed board not being subject to Puerto Rico's normal governing process may work. Waiting for Labor to start screaming about their benefits. Just think, a better run PR may bring more tourists and a increase in capital type business. Socialist is really admired until it runs out of taxpayers money. The Piper must be paid. $72Billion. This is not a rounding error.
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    I do believe since they are still a US territory that this is the best we can do. I also believe that we as a nation can not afford to repeat this effort. Puerto Rico needs to either become a state of the union or be given its independence.
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    We need to do something to help the United States territory of Puerto Rico. If we are not willing to help them get out of the debt and all the issues that America has created for them, their economy which is backed by the USD will go bankrupt and will have even more issues and most likely be costlier in the long run. This does seem like a bailout, however I do remember a ton of people calling for a bailout of the automotive industry quite a few years ago.
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    I like the sound of us not having to bail them out. We don't have to foot the bill every time their government screws up. I understand they are American citizens (sorta). If they're Americans before Puerto Ricans, then they should try for statehood. If that's not the case, then I don't see why we need to babysit them much longer. This may be because I don't know too much about the matter.
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    This bill doesn't cost taxpayers a dime and restructures Puerto Rico's debt without a bailout. It's the only way for Puerto Rico to avoid default in the coming days, and it also avoids "vulture" debt collectors from continuing Puerto Rico's poverty. Dissenters to this bill complain that it usurps the territory's democracy, but their democracy has caused this debt crisis by irresponsible policy making. Austerity is a consequence of irresponsible spending, as it is a necessity for the territory's debt relief.
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    It is a colonialist bill! Recent polls in Puerto Rico show the people do not want it. They are protesting it it. The bill uses austerity and overrides democracy. It assigns a financial control board over the common wealth over Puerto Rico.
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    US Territories operate under their own governments. A government that got themselves into this mess. The US has its own debt crisis- who does the Congress think they are that they can give advice or make rules for someone else when they can't manage the money we don't have! We are over $20 TRILLION in debt and they want to set the rules for PR's debt crisis? Until which time we have balanced our own budget and paid of our debt, then all bets are off when it comes to helping others manage their poor financial choices. May I will call my Congressman and Senators to help me pay my bills? I think not.
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    Congress needs to focus on restoring funds to social security and Medicare first. For PR, it is their problem, let them fix it.
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    This legislation is nothing short of a hostile take-over of Puerto Rico by morally bankrupt billionaires & less-than-scrupulous Wall Street opportunists worshipping at the altar of Greed. Any hope of Puerto Rico breaking free from its economic chains to engender a brighter future as the 51st state will surely be snuffed out & buried. Oh, and anyone unfortunate enough to remain on the island will become indebted prisoners, their futures & dreams vetoed by committee.
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    Absolutely no! They have been sucking off the Federal teat for too many years. Fix your own mess or seek statehood. As soon as this BAILOUT is completed the libs will want the same for Detroit, Baltimore and every other city the have bankrupted with bloated pension plans for votes strategy.
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    Spend this on programs that work, take the money from congress
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    This plan puts a non elected board in charge of them, like in Michigan where they made that water crisis that has been ongoing for over a year. Plus they focus on cutting pay and benefits to get them out of an economic crisis, a "solution" that has NEVER worked and will make things worse
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    Puerto Rico deserves to be a State but this legislation acknowledges them as good participants in the United States.
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    Puerto Rico's debt is unpayable. It is the direct result of more than 117 years of colonialism, that have shrunk our economy and allow vulture funds to make profit of it. Although the bill may sound like a lifesaver to Puerto Rico, the Independent Oversight Board will only impose extreme austerity measures to be able to recover the debt at the expense of our suffering. The food, health, housing, education, and social programs should go first than to keep enriching the bonds holders. We cannot combat anorexia with hunger, specially in an economy built to merely benefit the American bonds holders. What Puerto Rico really needs is our independence to have the sovereignty to take the decisions to protect our people and develop our economy.
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    a deal is needed.... Like so many issues we face!
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    This could be done with the people of PR having more input into the process. They get virtually no legitimate federal recognition or representation and should be able to have major input into the process.
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    This is shades of Michigan. Governor Snyder appointed one manager to oversee Flint's budget crisis. That turned out so well for Flint, didn't it? These predatory hedge funds should not be encouraged to continue their ways. This panel guarantees the hedge funds will be paid, while the middle class pays for it and continues to disappear.
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