06.29.16

Senator David Perdue Votes Against Washington’s Plan For Puerto Rico

“This is merely a band-aid for a long-term fiscal illness.”

WASHINGTON, D.C. – U.S. Senator David Perdue (R-GA) today released the following statement after voting against Washington’s plan to assist the Commonwealth of Puerto Rico with its $72 billion debt:  

“Through irresponsible fiscal policies, the Puerto Rican government has found itself in a very serious financial situation. The Commonwealth needs help tackling its debt situation, but this is not the best solution to solve Puerto Rico’s fiscal problems. The deal Congress negotiated with President Obama is merely a band-aid for a long-term fiscal illness. By giving Puerto Rico the ability to remove debt payment priorities guaranteed by its own Constitution, Congress is setting a dangerous new precedent that will make it even harder for the Commonwealth to access capital markets in the future. Furthermore, without structural changes that get at the failed fiscal policies that pushed Puerto Rico to this point, the Commonwealth will potentially find itself facing another unmanageable debt situation down the road. There was a better alternative that would have assisted Puerto Rico and ensured that structural changes were implemented to prevent future financial hardships. Unfortunately, in typical Washington fashion, these long-lasting solutions were ignored.”

###