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WASHINGTON – “The Administration has been clear that the fiscal situation in Puerto Rico is urgent. Congressional Democrats have worked to find a solution, and Speaker Ryan's direction to the relevant Committees of the House of Representatives to work on a legislative solution reflects the need for Congress to act quickly. Any solution must include both independent oversight and an orderly process to restructure the Commonwealth's debt. Providing restructuring authority to the people of Puerto Rico will require Congress to confront difficult interests and tough issues, but it is essential to protect the 3.5 million Americans who live in the Commonwealth. The Administration remains committed to working with Congress to address this crisis.”
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