Political Quotes

“The U.S. territory of Puerto Rico, home to 3.5 million American citizens, stands at a crossroads. The Governor recently announced that Puerto Rico cannot pay all of its debts. The Governor's comments were not constructive because they lacked precision. Puerto Rico's total debt is about $72 billion, and the structure of this debt is complex. About 17 entities in Puerto Rico have bonds outstanding, from the central government to public corporations. The terms, source of repayment, and the level of legal protection for each bond varies. For instance, bonds issued by the central government received priority payment under the Puerto Rico Constitution, which was authorized and approved by Congress. Accordingly, when the Governor asserted that Puerto Rico cannot pay its debts, the sweeping nature of his comments raised many practical and legal questions and generated considerable anxiety. Mr. Speaker, the crisis in Puerto Rico is real, and it must be confronted with composure, competence, and candor. To this end, I want to articulate a simple truth, but one that is often overlooked: namely, the challenges we face are structural in nature and, therefore, require structural solutions, at both the Puerto Rico and the Federal level. Within Puerto Rico, more discipline by the territory government is imperative. We must learn to live within our means.…”