PROVIDED BY CNNNEXT.COMrnWeekly Address: Addressing Puerto Rico’s Economic CrisisrnWASHINGTON, DC — In this week's address, President Obama discussed the crippling economic crisis harming 3.5 million Americans in Puerto Rico.
Today, the island is spending over a third of its tax revenue on debt payments – and on July 1, Puerto Rico is facing another $2 billion in debt payments that it cannot make.
The President said the only way for Puerto Rico to overcome this crisis is by restructuring its debt and finding a sustainable path toward growth and opportunity for its people.
But this requires help from Congress in order to give Puerto Rico the tools it needs to restructure its debt.
The President commended the House of Representatives, which overwhelmingly passed a bipartisan bill to address the crisis, and called on the Senate to quickly follow suit.
