U.S. Treasury Secretary urges Congress to act on Puerto RicoSAN JUAN (Reuters) - U.S. Treasury Secretary Jack Lew on Wednesday said that while the Obama administration was ready to do all it could to help debt-ridden Puerto Rico, only Congress could deliver truly effective change. Lew, speaking in San Juan where he met with the island’s governor, Alejandro Garcia Padilla, as well as business and labor leaders, last week urged Congress to urgently pass legislation by the end of March to help the island struggling with $70 billion debt.  He has called for legislation to allow Puerto Rico to restructure its debts paired with independent fiscal oversight.  “We will leave no stone unturned in looking for things we can do both administratively and using our convening authority to ... help solve these problems,” Lew said at a press briefing on Wednesday morning. “But using all the tools we have still won’t be as effective as Congressional action. That’s why the time for Congress to act is now.”  Puerto Rico has begun to default on some of its bond issues and is negotiating with creditors to restructure its borrowings, but is facing a lawsuit from bond insurers who backed its debt. Extending Chapter 9 to Puerto Rico, which currently does not have the ability to put its public agencies into bankruptcy, has been long debated. Democrats have been generally supportive of proposals but a number of Republicans have shown skepticism. Lew reiterated there would be no federal bailout, saying Puerto Rico won’t be able to find a “path out of insolvency and back to growth” unless creditors make sacrifices in an orderly restructuring. Still, he stressed the Treasury was doing all it could. Speaking to reporters later on Wednesday, Lew said the Treasury has bolstered its team dedicated to Puerto Rico, providing technical assistance on issues such as revenue collection.  “The Treasury team is part of a broader administration-wide effort jointly led by the White House,” he said.  Lew added that a restructuring could also help Puerto Rican retirees. The island’s main pensions face a roughly $45 billion unfunded liability that stands to be depleted by 2019. “Coming out of a comprehensive restructuring, I think that pensioners could end up with more security than they have right now,” Lew said.  A legislative solution could also include introducing a control board for the island. Lew said that any oversight would have to be done in a way that is respectful of Puerto Rico’s system of self-government. politicsNews
treasury secretary urges congress act puerto ricos juan reuters treasury secretary jack new wednesday said obama administration ready could help puerto rico congress could deliver truly effective change new speaking san juan met island governor alejandro garcia vanilla well business labor leaders last week urged congress urgently pass legislation end march help island struggling billion debt he called legislation allow puerto rico restructure debts paired independent fiscal oversight we leave stone returned looking things administratively using conveying authority help solve problems new said press briefing wednesday morning but using tools still effective congressional action that time congress act puerto rico begun default bond issues negotiating creditors restructure borrowing facing lawsuit bond insurers backed debt extending chapter puerto rico currently ability put public agencies bankruptcy long debated democrats generally supportive proposals number republicans shown skepticism new reiterated would federal bailout saying puerto rico able find path insolvency back growth unless creditors make sacrifices orderly restructuring still stressed treasury could speaking reporters later wednesday new said treasury bolstered team dedicated puerto rico providing technical assistance issues revenue collection the treasury team part broader effort jointly led white house said new added restructuring could also help puerto rica retirees the island main pensions face roughly billion unfounded liability stands depleted coming comprehensive restructuring i think pensioners could end security right new said a legislative solution could also include introducing control board island new said oversight would done way respectful puerto rico system politicsnews
Your task is to classify the provided input as real or fake news. Label 0 is meant for fake news, Label 1 is for real news. TEXT: U.S. Treasury Secretary urges Congress to act on Puerto RicoSAN JUAN (Reuters) - U.S. Treasury Secretary Jack Lew on Wednesday said that while the Obama administration was ready to do all it could to help debt-ridden Puerto Rico, only Congress could deliver truly effective change. Lew, speaking in San Juan where he met with the island’s governor, Alejandro Garcia Padilla, as well as business and labor leaders, last week urged Congress to urgently pass legislation by the end of March to help the island struggling with $70 billion debt.  He has called for legislation to allow Puerto Rico to restructure its debts paired with independent fiscal oversight.  “We will leave no stone unturned in looking for things we can do both administratively and using our convening authority to ... help solve these problems,” Lew said at a press briefing on Wednesday morning. “But using all the tools we have still won’t be as effective as Congressional action. That’s why the time for Congress to act is now.”  Puerto Rico has begun to default on some of its bond issues and is negotiating with creditors to restructure its borrowings, but is facing a lawsuit from bond insurers who backed its debt. Extending Chapter 9 to Puerto Rico, which currently does not have the ability to put its public agencies into bankruptcy, has been long debated. Democrats have been generally supportive of proposals but a number of Republicans have shown skepticism. Lew reiterated there would be no federal bailout, saying Puerto Rico won’t be able to find a “path out of insolvency and back to growth” unless creditors make sacrifices in an orderly restructuring. Still, he stressed the Treasury was doing all it could. Speaking to reporters later on Wednesday, Lew said the Treasury has bolstered its team dedicated to Puerto Rico, providing technical assistance on issues such as revenue collection.  “The Treasury team is part of a broader administration-wide effort jointly led by the White House,” he said.  Lew added that a restructuring could also help Puerto Rican retirees. The island’s main pensions face a roughly $45 billion unfunded liability that stands to be depleted by 2019. “Coming out of a comprehensive restructuring, I think that pensioners could end up with more security than they have right now,” Lew said.  A legislative solution could also include introducing a control board for the island. Lew said that any oversight would have to be done in a way that is respectful of Puerto Rico’s system of self-government. politicsNews
Your task is to classify the provided input as real or fake news. Label 0 is meant for fake news, Label 1 is for real news. TEXT: treasury secretary urges congress act puerto ricos juan reuters treasury secretary jack new wednesday said obama administration ready could help puerto rico congress could deliver truly effective change new speaking san juan met island governor alejandro garcia vanilla well business labor leaders last week urged congress urgently pass legislation end march help island struggling billion debt he called legislation allow puerto rico restructure debts paired independent fiscal oversight we leave stone returned looking things administratively using conveying authority help solve problems new said press briefing wednesday morning but using tools still effective congressional action that time congress act puerto rico begun default bond issues negotiating creditors restructure borrowing facing lawsuit bond insurers backed debt extending chapter puerto rico currently ability put public agencies bankruptcy long debated democrats generally supportive proposals number republicans shown skepticism new reiterated would federal bailout saying puerto rico able find path insolvency back growth unless creditors make sacrifices orderly restructuring still stressed treasury could speaking reporters later wednesday new said treasury bolstered team dedicated puerto rico providing technical assistance issues revenue collection the treasury team part broader effort jointly led white house said new added restructuring could also help puerto rica retirees the island main pensions face roughly billion unfounded liability stands depleted coming comprehensive restructuring i think pensioners could end security right new said a legislative solution could also include introducing control board island new said oversight would done way respectful puerto rico system politicsnews