Puerto Rico Public Buildings Authority

The board said the measures passed by both the Puerto Rico House and Senate would harm the economy.

Economists in Puerto Rico panned the proposal to raise the rate to $9 per hour saying it would hurt businesses.

The board set a noon Thursday deadline for repeal of Act 7, otherwise it will seek a legal remedy.

Puerto Rico's government tells the court the Disclosure Statement should address the likelihood the legislature will not approve new bonds for the plan of adjustment since the plan cuts pensions.

Also on Wednesday Judge Swain said she would not send out the central government bankruptcy's disclosure statement until she was satisfied with it.

Through the first nine months of the fiscal year, Sales and Use Tax collections are up 30% from the year earlier.

In the bill the governor signed, lawmakers will not approve a plan of adjustment with cuts to pensions, which the current proposed plan includes.

Biden called on Congress to amend the Social Security Act to include Puerto Rican residents for benefits. The Oversight Board has said the benefits would lead to $1 billion more per year to island residents.

While its budget does not include debt service, the executive director said she anticipated amending it in the coming fiscal year once the plan of adjustment is finalized.

Long-term economic stability is not sustainable, economists say, after federal aid dries up.