Puerto Rico Presses for PROMESA by July 1
Puerto Rico and Obama administration officials said on Thursday it is imperative that a House bill designed to help the commonwealth be passed into law before the territory’s expected debt payment default on July 1.
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House Republicans released a blueprint for tax reform that left some muni groups and experts concerned that the tax-exempt status of municipal bonds may be in jeopardy. more »
The Senate is expected to keep Puerto Rico waiting for progress a House bill to help the island address its debt crisis, as other options for the commonwealth have continued to be eliminated. more »
The District of Columbia submitted its enacted $13.4 billion fiscal 2017 budget and 2017-2020 capital plan to Congress and President Obama Wednesday, defying Republican legislation that would curtail any such action without congressional approval. more »
Inflation-adjusted state spending and revenues for fiscal year 2016 are estimated to reach levels not seen since before the Great Recession, according to a study from the National Association of State Budget Officers released Tuesday. more »
Even before the Senate takes up the House Puerto Rico bill, the names of several individuals are being floated as possible candidates for the oversight board the legislation would create. more »
Sen. Bob Menendez, D-N.J., said on Thursday that he plans to offer amendments to a House bill designed to help Puerto Rico to make the bill fairer to Puerto Rican residents. more »
House Financial Services Committee members unanimously approved a bill on Thursday that would put an end to a current legal loophole that a lawmaker contends allowed broker-dealers to defraud Puerto Rico investors. more »
The amount of aggregate tax-supported debt outstanding among states declined slightly in fiscal 2015, according to a report released this week by S&P Global Ratings. more »
Senate Majority Leader Mitch McConnell, R-Ky., told reporters on Tuesday afternoon that the Senate will consider the House bill designed to help Puerto Rico before July 1. more »
A bipartisan bill introduced in the House would allow state and local governments to issue up to $5 billion in private activity bonds to finance the construction and upkeep of certain publically owned buildings. more »
The Supreme Court on Monday issued an opinion affirming that a local Puerto Rico debt restructuring law is unconstitutional, leaving congressional action on a House bill as the most viable option left for the struggling commonwealth to deal with its debt crisis. more »
The full Senate is expected to take up the Puerto Rico bill passed by the House and vote on it before the end of the month or in early July. more »
The House Appropriations Committee on Thursday approved a fiscal 2017 appropriations bill that would reduce funds for the Internal Revenue Service, the Securities and Exchange Commission and the District of Columbia. more »

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