Puerto Rico Gov. Luis Fortuño yesterday signed into law three bills to reduce government spending and raise additional revenue to help close a $3.4 billion deficit, marking the second time this year that lawmakers have received and approved legislation within days.

The initiatives allow officials to move forward with borrowing plans, including a potential $300 million tobacco bond deal, an upcoming $250 million to $500 million sales-tax bond transaction, and restructuring of prior debt, according to Fernando Batlle, executive vice president for financing and treasury at the Government Bank for Puerto Rico, the island's fiscal agent.

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