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.