Who thinks Ryan's Puerto Rico deal will be a good thing?

[CharlesDavenport]

Don't know much about it other than -

The agreement to restructure the island’s $70 billion in debt fulfills a promise the Speaker made to Minority Leader Nancy Pelosi (D-Calif.) and Democrats during spending talks last December. And it shows that Ryan’s approach to the leadership job — empowering committee chairmen — can work, to a certain extent.

Knowing Ryan, I predict it will suck, and create a template for something of a bailout for all struggling states like California and Illinois.

No big deal though, according to fellow RINO Bill Flores -

“In terms of the issues that the U.S. House of Representatives needs to be worrying about right now, Puerto Rico is not highest on the list,” Flores said in an interview Monday. “I don’t think it’s anything where we need to have a giant food fight.”

From - http://thehill.com/homenews/house/280982-ryan-secures-big-win-with-bipartisan-puerto-rico-deal

I have a bad feeling about whatever this bill turns out to be.

 

[deljzc]

Precedent will be set that if a state becomes too socialist and can't afford it's bills, the federal government will bail them out.

The money just grows on trees to these guys. They don't care. We're $20 trillion in debt and pay $230 billion in interest payments a year. What's another $70 billion in a one-time payment to "fix" Puerto Rico?

And yet every liberal complains about an $11 billion wall to fix our southern border..... funny.

 

[Ron Burgundy]

A billion here, a billion there, and pretty soon you're talking about real money.

 

[SteelChip]

What I wonder about ( why I can't for the life of me understand ) is what would happen to PR if the federal gov't did nothing. What they say is that they would default...I say whatever. I mean these Libs got themselves into this problem, knowing full well that they couldn't pay all these promises forever so why should anyone step in and interfere ?

Donald Trump says Puerto Rico has "far far too much debt," and the U.S. government shouldn't bail out the island.

President Obama's administration has been pushing for Puerto Rico to get the ability to restructure its debts through what is called Chapter 9 bankruptcy (or something similar). That's the law that the city of Detroit used to negotiate a haircut from its creditors.

The island's governor claims the money isn't there to pay back creditors. Puerto Rico defaulted for the third time on Monday. Another big debt payment is due July 1.

But the Republican-led Congress argues it's unclear how much the island can pay because there's no trust in the island's financial records. Puerto Rico still hasn't finished its 2014 audit, for example.

If the feds bail them out, does that constitute a gov't takeover like they did to GM, does Gary Johnson get to tip the Island over if they do it again ? Does Barry get to give the Island to the SEIU and ignore the bondholders?

Can someone out there please explain what this all means in stupid old guy language.

 

[TDX27]

Do it for PR and there are about 10 states waiting in line after them. Do it for one, you must do it for all. Another slippery slope to try and go down.