[Congressional Record Volume 162, Number 16 (Wednesday, January 27, 2016)]
[Senate]
[Page S216]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




                              PUERTO RICO

  Mr. REID. Mr. President, on another matter, the island of Puerto Rico 
continues to face billions of dollars of debt. I don't know the 
number--$17 billion. We hear all kinds of numbers. Puerto Rico is part 
of America. We must work together to address the severe economic and 
fiscal crisis that has gripped our fellow citizens.
  I was in a meeting yesterday where I was told that on the island of 
Puerto Rico there is a shortage of suitcases--luggage--because people 
are leaving and most of them are coming to Florida. They are desperate. 
Many have said that the dire state of Puerto Rico's economy could 
become a humanitarian crisis, and that is really true.
  The time to act is now. I joined Senator Cantwell and all of my 
Democratic colleagues in calling on the Republican leader to advance 
legislation that gives Puerto Rico the protection it so desperately 
needs. We did send a letter to the Republican leader.
  Any solution that doesn't provide Puerto Rico the ability to 
restructure debt would be an abject failure. Legislation that empowers 
Puerto Rico to adjust a significant portion of its debt would not cost 
the Federal Government a single penny. This is far from a bailout. It 
would save U.S. taxpayers from the growing cost of inaction.
  Over 3 million Americans live on the island of Puerto Rico, and they 
are looking to Congress for help in their time of need.
  I spoke to the Speaker myself, and he has made a commitment to 
address the economic emergency in Puerto Rico before the end of March. 
This has to be more than a hearing. We need to have something done 
substantively to help that territory.
  Today Democrats call on the Republican leader to make the same 
commitment Paul Ryan has made to address the economic emergency in 
Puerto Rico soon. There is really no time to spare. Republicans should 
join us in our commitment to assist our fellow Americans.
  Earlier this month, I sent a letter separate and apart from the one 
all Democrats sent, outlining the steps the Senate can take to help 
Puerto Rico. If the Republican leader is unsure where to begin, he 
could heed what I have suggested and appoint a task force to find a 
bipartisan solution to this economic crisis. But as far as I am 
concerned, that is way down the list. I am not someone who favors task 
forces. I think the work should be done by committees and by our 
committee chairs and ranking members. I believe anything that one would 
try to do--that is, having another hearing, appointing a task force--is 
only an effort to stall the inevitable.

  Puerto Rico needs help. They need to be treated as other American 
citizens and be able to file bankruptcy. It would not apply to any 
State. It would apply only to this territory. We must act now to 
relieve the hardships facing these people and avoid additional costs to 
taxpayers because there will be additional costs if we don't resolve 
this now.
  Mr. President, I ask the Chair to announce the business of the day.

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