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White House Emphasizes Interest in Helping Puerto Rico, No Bail Out

The White House emphasized in its regular press conference yesterday an interest in helping the “significant fianicial challenges that are facing the government” of Puerto Rico but reiterated its opposition to providing the U.S.’s most populous territory a bail out.

“[I]t would be inaccurate to suggest that Treasury is in talks to undertake any of Puerto Rico’s financial obligations, explained White House press secretary Josh Earnest.  “And again, to my layman view,” he added, “issuing bonds that are backed by the full faith and credit of the United States, would raise some questions about whether or not we’re undertaking their financial obligations.”

Earnest added that there is “not just a willingness but actually a desire to try to work effectively with Puerto Rican officials to use the expertise of the officials in the federal government to offer them advice about creating a path back to a sustainable economic picture on the island.”

The White House remarks were made amidst reports that the U.S. Treasury Department is working on a plan to assist Puerto Rico with its fiscal difficulties.

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