Jacob J. Lew: “We inherited what was an economy and a budget that was in complete meltdown.”

So the only pathway to a stable future for Puerto Rico has to involve them restructuring their debt.

I don't think defaulting on payments to veterans is any better than defaulting on payments to foreign bond holders.

I believe it is a crisis. I believe there is a need for action immediately on restructuring authority and on oversight.

I totally agree, and I was trying to indicate in my response earlier that the risk is being borne by taxpayers on an ongoing basis and the conservatorship is not over.