Political Quotes

“House Resolution 770 provides for consideration of H.R. 5278, the Puerto Rico Oversight, Management, and Economic Stability Act, or PROMESA. The resolution provides for a structured rule and makes in order eight amendments. This bill addresses a very serious issue as it relates to the financial situation in Puerto Rico. The Government of Puerto Rico has racked up over $118 billion in debt. They have already defaulted on portions of their debt in May, and they face another deadline on July 1. The territory has reached a point where they can no longer meet the basic demands of their citizens. The Constitution makes clear that Congress has the authority over territories. Article IV, section 3, clause 2 of the Constitution states: ``The Congress shall have Power to dispose of and make all needful Rules and Regulations respecting the Territory or other Property belonging to the United States . . . '' After hearing calls for greater autonomy, in 1950 Congress recognized Puerto Rico's authority over internal matters through passage of the Federal Relations Act. Congress also approved Puerto Rico's constitution in 1952. So we gave them the control they demanded, and with that, they attempted to become a liberal paradise by raising taxes, expanding government programs, and spending at unsustainable rates. To help pay for these policies, Puerto Rico issued billions of dollars in bonded debt that they can no longer pay back.…”