A top Senate Democrat on Tuesday said that while he is encouraged by the progress made to craft legislation to aid Puerto Rico, a House bill doesn’t go far enough to help the island territory.
Sen. Bob Menendez
Robert (Bob) MenendezTrump appointee sparks bipartisan furor for politicizing media agency Senate Democrats hold talkathon to protest Barrett's Supreme Court nomination Watchdog confirms State Dept. canceled award for journalist who criticized Trump MORE (N.J.) said on the Senate floor that “Congress is faced with an immediate and serious choice” when it comes to passing legislation to help the island territory restructure $72 billion in debt.
“Indeed, the decisions we make in the next month will have profound consequences on the people of Puerto Rico for a generation,” Menendez said.
“The stakes are so high, we simply have to get this right,” he said.
Menendez said he is encouraged by the efforts of Speaker Paul Ryan
Paul Davis RyanMcCarthy faces pushback from anxious Republicans over interview comments Pelosi and Trump go a full year without speaking Jordan vows to back McCarthy as leader even if House loses more GOP seats MORE (R-Wis.) and House Natural Resources Committee Chairman Rob Bishop
Robert (Rob) William BishopHillicon Valley: House votes to condemn QAnon | Americans worried about foreign election interference | DHS confirms request to tap protester phones House approves measure condemning QAnon, but 17 Republicans vote against it OVERNIGHT ENERGY: House passes sweeping clean energy bill | Pebble Mine CEO resigns over secretly recorded comments about government officials | Corporations roll out climate goals amid growing pressure to deliver MORE (R-Utah) to craft a measure to "prevent this fiscal crisis from becoming a full blown humanitarian catastrophe."
Bishop’s panel is expected to approve the legislation on Wednesday.
Democratic frontrunner Hillary Clinton
Hillary Diane Rodham ClintonGorsuch rejects Minnesota Republican's request to delay House race Biden leads Trump by 6 points in Nevada: poll The Memo: Women could cost Trump reelection MORE backs the bill as well as Ryan, House Minority Leader Nancy Pelosi (D-Calif.) and the White House.
But Democratic hopeful Bernie Sanders
Bernie SandersIntercept bureau chief says congressional progressives looking to become stronger force in 2021 Obama book excerpt: 'Hard to deny my overconfidence' during early health care discussions Americans have a choice: Socialized medicine or health care freedom MORE has heavily criticized the bill, mainly because of the inclusion of a seven-member control board to oversee the restructuring plan.
Menendez said that the legislation creates several obstacles that could derail the island’s ability to make debt payments that don't overwhelm Puerto Rico's books.
“While most reasonable people agree it’s absolutely vital for Puerto Rico to be able to restructure its debt, this authority can be blocked by a simple minority of the board," he said.
He argued that the control board has too much power and it could veto laws and regulations, override budgets and determine the level of debt payments.
“To me, it’s simply wrong and un-American to take away the basic and fundamental democratic rights of the people of Puerto Rico," Menendez said.
The legislation puts speculating hedge funds above pensioners and cuts minimum wage rules and new overtime protections, he said.
"So while it’s absolutely clear that we need to act and act decisively and expediently to help our fellow citizens in Puerto Rico, just as importantly, we need to get this right," he said.
