Senate passes Puerto Rico rescue bill, sends to president

FILE - In this April 30, 2015, file photo, people gather in front of the Puerto Rico’s Capitol building to protest against Gov. Alejandro Garcia Padilla's budget proposal for the next fiscal year in San Juan. Authorities announced on Monday, Jan. 18, 2016, that Puerto Rico's worsening economic crisis has forced it to revise a fiscal reform plan to reflect a jump in the island's projected deficit and a steep drop in anticipated revenue. (AP Photo/Ricardo Arduengo, File)

WASHINGTON (AP) – Help is coming for financially-strapped Puerto Rico.

The Senate on Wednesday passed a rescue package that would create a control board to oversee the U.S. territory’s finances and supervise some debt restructuring.

The U.S. territory is $70 billion in debt. The bill does not provide any direct financial aid to Puerto Rico, but leaders warn that a bailout could eventually become necessary if Congress doesn’t take this step.

President Barack Obama says he’ll sign the bill.

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