Puerto Rico Gov. Luis Fortuño Wednesday evening released a $7.67 billion fiscal 2010 budget proposal, a spending plan that is $1.8 billion smaller than the current $9.48 billion budget.

Plummeting tax revenue has forced the commonwealth to slash its budget while officials look towards ending a $3.2 billion structural imbalance by fiscal 2013.

Subscribe Now

Independent and authoritative analysis and perspective for the bond buying industry.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.