Chuck Schumer actually said...

A failure now would ultimately result in a Puerto Rican financial crisis that could become a drag to our entire economy.

I have been disappointed by the lack of urgency of many of my colleagues in taking up and supporting this important piece of legislation.

Congress should pass legislation granting Puerto Rico the right to declare Chapter 9 bankruptcy or another orderly and fair alternative.

There is no principled basis for not giving access to Puerto Rico to chapter 9 of the Bankruptcy Code.