WASHINGTON (Sputnik) — The US Senate will take up legislation to help Puerto Rico avoid a debt default on Wednesday, Republican Majority Leader Mitch McConnell told reporters.
"With regard to Puerto Rico, we will be voting on that tomorrow," McConnell said on Tuesday, adding the bill up for consideration "sets up a mechanism that guarantees there won’t be a taxpayer bailout of Puerto Rico in the future."
The House of Representatives has already passed legislation to establish a financial oversight board to help Puerto Rico address its $70 billion debt crisis before July 1.
Treasury Secretary Jack Lew scheduled meetings with lawmakers on Tuesday to consolidate support for the rescue bill, which is supported by the White House, but opposed by some Senate Democrats, including Senator Bernie Sanders.
The US territory, which is unable to declare bankruptcy, is due to pay $2 billion of debt.
