President Obama signed a rescue package for financially strapped Puerto Rico Thursday, saying it will give residents of the island relief from “lingering uncertainty.”
“It’s not going to be in and of itself sufficient to solve all the problems that Puerto Rico faces, but it is an important first step on the path of creating more stability, better services and better prosperity overall,” Mr. Obama told reporters.
The president said Puerto Rico’s debt crisis, with a large payment due Friday, has resulted in “basic services shutting down and government workers not being paid.”
The measure won final passage Wednesday night in the Senate. It creates an oversight board that will supervise some debt restructuring and negotiate with creditors, and temporarily blocks creditor lawsuits.
Puerto Rico will also be allowed to temporarily lower the federal minimum wage for some younger workers.