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Puerto Rico, a commonwealth of the United States, has missed a debt payment for the third time. The island has $72 billion of debt:
Governor Alejandro Garcia Padilla calls it a "humanitarian crisis," which a step above an economic emergency. He claims he is prioritizing paying Puerto Rico's police and teachers over Wall Street. "I had to make a choice. I decided that essential services for the 3.5 million American citizens in Puerto Rico came first," the governor said in a speech Sunday. This is the third time the island has defaulted on bond payments. The island paid the interest due Monday, but not the principal amount, resulting in a default of about $370 million, Puerto Rico's largest yet.
Also at NPR, The New Yorker , The Washington Post , The Atlantic , Reuters.
(Score: 2) by naubol on Tuesday May 03 2016, @12:17PM
Freebies such as paying the defense budgets of other nations? Tax breaks for the rich? A federal highway system that everyone can use? Your rhetoric relies entirely on characterization of value.
(Score: 2) by jmorris on Tuesday May 03 2016, @04:53PM
We are discussing the debt taken on by States and Territories. Last I checked they didn't have defense budgets to speak of as such, a few National Guard Armories and most of that on the Federal's bill. Try to keep up with the discussion.
(Score: 2) by bob_super on Tuesday May 03 2016, @05:34PM
Technically, https://en.wikipedia.org/wiki/State_defense_force [wikipedia.org]
But you are correct that the National Guard budget for the state is only for Fungible Expenses.
(Score: 2) by naubol on Tuesday May 03 2016, @10:12PM
If I understood your post correctly, and I may not have because I'm not as smart, you were saying government freebies given away by democrats were the reason 'the mainland' was going to be like PR soon. I decided to list a bunch of government freebies given away by republicans.