Pierluisi wants Congress to authorize Chapter 9 bankruptcy for Puerto Rico. (Bill Clark/CQ Roll Call File Photo)
Let Puerto Rico Go Bankrupt. That’s something Puerto Rico’s voice in Congress supports, as does Jeb Bush, and now, maybe, the White House.
President Barack Obama, whose campaign mercilessly ripped Mitt Romney for his “Let Detroit Go Bankrupt” column, appears open to bankruptcy for Puerto Rico.
White House Press Secretary Josh Earnest said Monday Congress should “take a look at” granting Puerto Rico the ability to declare Chapter 9 bankruptcy.
That’s the same chapter of the bankruptcy code used by Detroit, ironically. Full story