Puerto Rico Gov. Anibal Acevedo Vila is considering, but has not endorsed, a measure that would cut the island's fiscal 2008 general obligation bond bill by $175 million.

The Senate passed the initiative yesterday in a 18-to-8 vote after House members approved the bill on Monday evening. The measure requires the executive branch to tap into $240 million of revenues to pay the Government Development Bank for Puerto Rico, the island's financing arm, an annual payment of $175 million as opposed to using bond proceeds from the current year's GO borrowing plan.

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