A first crack at a solution for Puerto Rico's debt crisis was revealed Thursday evening, containing several Republican-backed provisions that could cost Democratic support.
The House Natural Resources Committee is expected to release a draft bill sometime next week, but a summary of the legislation first published by The Wall Street Journal reveals a bill that adheres to Republicans' preferred solutions for the $70 billion in debt Puerto Rican government officials say they can't pay off.
The Republican plan would establish a five-person oversight board to audit the government and gear it toward fiscal solvency. That board would also be charged with determining how much debt restructuring would be necessary, with the option to settle disputes in court as a last resort.
The plan would not give Chapter 9 bankruptcy authority to Puerto Rico, which Democrats have insisted be part of any bill to address the crisis. It also contains a stay on lawsuits that the summary says would be adjusted.
Other issues addressed include Puerto Rico's high electricity costs and outdated infrastructure.