WASHINGTON - The US Senate gave solid approval on Wednesday to a relief plan to help Puerto Rico address its $70 billion debt, sending the measure to President Obama for his signing into law just ahead of a possible default by the US territory on its next debt payment.
The measure passed the Senate on a vote of 68-30, and President Obama said in a statement he looked forward to signing the bill into law. The House of Representatives has already approved the bill.
"This bill is not perfect, but it is a critical first step toward economic recovery and restored hope for millions of Americans who call Puerto Rico home," Obama said.
The legislation would create a federal oversight board, appointed by Washington, with power to restructure Puerto Rico's unmanageable debt load.