Puerto Rico

The new letter increases the pressure for federal oversight as the island goes through the long process of rebuilding from the damage caused by Hurricane Maria and reorganizing its debt.

Almost $25 billion of bonds would be affected, as Judge Laura Taylor Swain seeks to avert "chaos" of claims by bondholders.

The suit is "a policy paper masquerading as a complaint," the state says, but it may still push up Illinois' borrowing costs while it is active.

With a weakened government, the Oversight Board may be emboldened to take more unilateral actions on bond restructuring, analysts said.

This latest IRS action is one of a series of bond audits involving various government agencies in Puerto Rico.

The criminal behavior must stop, but the recovery must proceed. Indeed, the recovery could get stronger from this recent purge.

Chats showed him openly fantasizing about an assassination of San Juan Mayor Carmen Yulín Cruz and heaping ridicule on ordinary Puerto Ricans.

FEMA's "empty chair" at hearing draws fire from members of the House emergency preparedness subcommittee.

The scandals are dealing a fresh hit to Rossello’s administration as he fights with the federal financial oversight board over his budget.

The busts may weaken the the Rosselló administration as it struggles over fiscal policy with the Puerto Rico Oversight Board.