The Senate advanced the bill two days before the U.S. territory is set to default on roughly $2 billion in debt payments. The legislation opens a path for an orderly restructuring of the island’s $72 billion in bond debt while creating a new federally appointed fiscal oversight board. It passed the House earlier this month, and President Obama has indicated he will sign it.
   
 
News Alert Wed., Jun. 29, 2016 7:24 p.m.
  
 
Puerto Rico rescue bill clears Congress 2 days before default
The Senate advanced the bill two days before the U.S. territory is set to default on roughly $2 billion in debt payments. The legislation opens a path for an orderly restructuring of the island’s $72 billion in bond debt while creating a new federally appointed fiscal oversight board. It passed the House earlier this month, and President Obama has indicated he will sign it.
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