The White House’s budget director says Puerto Rico shouldn’t expect a federal bailout of its debt – even after President Donald Trump spoke of the need to « wipe out » that red ink as…
WASHINGTON (AP) – The White House’s budget director says Puerto Rico shouldn’t expect a federal bailout of its debt – even after President Donald Trump spoke of the need to « wipe out » that red ink as part of the island’s recovery after Hurricane Maria.
Mick Mulvaney tells reporters that the administration plans to send Congress a disaster aid package that’ll include money for the U. S. territory.
But Mulvaney says: « We are not going to be offering a bailout for Puerto Rico or for its current bondholders. »
Trump told Fox News on Tuesday that federal officials would have to look at Puerto Rico’s debt structure and « we’re going to have to wipe that out. »
Before the hurricane, Puerto Rico’s government was negotiating with creditors to restructure a portion of its $73 billion in debt.
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