Senate OKs Puerto Rico rescue, sends to Obama

The Senate approved a financial rescue package for Puerto Rico on Wednesday, clearing the measure for President Obama's signature just days before the U.S. territory was expected to default on a $2 billion debt payment.

The bill passed easily, 68-30, and only a simple majority was needed.

Puerto Rico is $72 billion in debt and has no means to make the multi-billion dollar debt service payment by Friday. The legislation, which President Obama plans to sign, will authorize the creation of a financial control board empowered with the ability to restructure the island's staggering debt.

Senate lawmakers passed the bill despite objections from both parties who opposed the deal for a variety of reasons.

"While there are many things we do not like about this, at the end of the day this legislation provides tools that allow Puerto Rico to survive, to hopefully restructure a meaningful portion of its debt," said Minority Leader Harry Reid, D-Nev. "I wish we had something better."
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