WASHINGTON (AP) — The Senate is set to begin voting on a rescue package for debt-stricken Puerto Rico just two days before the island is expected to default on a $2 billion debt payment.
The White House-backed measure faced some opposition from both Republicans and Democrats, but party leaders endorsed it and promised to complete it before the July 1 deadline.
Puerto Rico is in a decade-long recession and has $70 billion in debt. The bill was passed by the House earlier this month and would create a control board that would oversee the island’s finances. It could also supervise some debt restructuring.
Treasury Secretary Jacob Lew made a last-minute visit to Capitol Hill Tuesday in a bid to persuade some reluctant Democrats concerned that the board would be too powerful.
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