Gov. Alejandro García Padilla of Puerto Rico has offered a comprehensive proposal for reversing the territory’s downward spiral. Unlike prior proposals, which focused solely on restructuring Puerto Rico’s debt or cutting its spending, the new plan recognizes the urgent need for both. It could actually work, but only with a major assist from Congress. Although the Puerto Rico Fiscal and Economic Growth Plan released last week outlines a wide range of proposals, its essence lies in two key features: Puerto Rico would establish a financial control board with broad budgetary authority, and it would restructure much of its $71.1 billion debt burden.
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