House Republicans and Democrats reached a rare, election-year deal with the White House to try to rescue Puerto Rico from $70 billion in debt as millions of Americans in the cash-strapped U.S. territory struggle with the loss of basic services.
A revised House bill introduced late Wednesday would create a board to help manage the territory's financial obligations and restructure some debt. Negotiations between the Obama administration and House Speaker Paul Ryan's office and helped finalize the legislation.
It is a "fair, but tough bipartisan compromise," Treasury Secretary Jack Lew said.
Ryan, R-Wis., said the legislation would avoid an eventual taxpayer...