Puerto Rico legislators yesterday were set to pass a $7.6 billion spending plan for fiscal 2010, which begins today, with the budget then heading to Gov. Luis Fortuño's desk for his consideration.

Officials anticipate the governor will sign the fiscal 2010 budget, his first budget bill after taking office Jan. 1, as it is similar to the proposal he submitted to the legislature in late April. While the plan is smaller than the $9.48 billion fiscal 2009 budget, officials will rely on $2.5 billion of deficit spending through sales tax bond proceeds to help finance temporary spending measures such as a program to help laid-off government workers find other employment and a $500 million local stimulus plan.

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.