President Obama in his weekly address Saturday praised House lawmakers for passing a bill tackling Puerto Rico's debt crisis, urging the Senate to quickly move the legislation.
"Only Congress can fix the problem and put Puerto Rico on a path to recovery," Obama said, urging the Senate to move "quickly" to pass the bill.
The White House hoping Obama will be able to sign legislation before a July 1 deadline when the island is faced with a $2 billion debt payment.
Obama said the bill "won't cost federal taxpayers a dime" and "doesn’t include special-interest bailouts."
"It gives Puerto Rico the ability to restructure its debt, safeguard essential services, and provide important protections to public pensions," Obama said.
The bill heads to the Senate where lawmakers appear lukewarm. Obama acknowledged that the legislation is "not a perfect solution" but is "the only option on the table" to tackle the crisis in Puerto Rico.
The House passed the compromise legislation 297-127 on Thursday, earning a majority of support from both parties in a major step toward tackling the developing economic crisis in Puerto Rico.
Speaker Paul RyanPaul Davis RyanPaul Ryan researched narcissistic personality disorder after Trump win: book Paul Ryan says it's 'really clear' Biden won election: 'It was not rigged. It was not stolen' Democrats fret over Trump-district retirements ahead of midterms MORE (R-Wis.), an active support of the legislation, took to the House floor with Minority Leader Nancy Pelosi (D-Calif.) to urge support for the bill and push for quick action in the Senate.