Senate to debate Puerto Rico debt bill: McConnellWASHINGTON (Reuters) - The U.S. Senate this month will debate legislation that passed overwhelmingly in the House of Representatives and aims to give Puerto Rico some relief from its $70 billion debt, Senate Majority Leader Mitch McConnell said on Tuesday. McConnell’s announcement came after some House members briefed fellow Republicans in the Senate on the content of the legislation, which would establish a federal oversight board to restructure Puerto Rican debt. Backers of the House-passed bill are hoping the Senate signs off on the legislation before July 1, when Puerto Rico faces a deadline on a $1.9 billion debt payment. Representative Rob Bishop, who chairs the House Natural Resources Committee, which steered the legislation through that chamber, told reporters that Republican senators peppered him with questions about the makeup of the oversight board and its powers. He added that he assured senators the bill is not a taxpayer bailout of Puerto Rico and that it would not have an impact on U.S. states. Puerto Rico is a U.S. territory and some critics of the bill have expressed concerns that a control board appointed by Washington might not have the Caribbean island’s best interests in mind. The legislation also got a boost, albeit a tepid one, on Tuesday when Senate Finance Committee Chairman Orrin Hatch offered qualified support for the House bill. He added that he was considering offering changes to the bill but did not elaborate. Hatch’s Finance Committee has oversight of the Puerto Rico debt legislation. Some Senate Democrats also have expressed reservations with the bill and indicated that they could seek amendments, but it was not clear if they actually would. Any changes made by the Senate to the House-passed bill would send it back to the House to accept, reject or make further amendments. Bishop left open the possibility of July 1 arriving with Congress still working on the Puerto Rico bill. “It’s not the end of the world,” Bishop said of the possibility of Congress putting finishing touches on legislation into July. “Market forces, as long as they realize we’re moving forward to a solution and we’re close to it, I think that would mitigate against anything that would be negative that would impact the entire market,” Bishop added. The Obama administration has voiced its support for the House bill, which passed on a strong, bipartisan vote of 297-127. Puerto Rico, which suffers from a poverty rate of around 45 percent, has been hobbled by its worsening debt problems, with some schools and medical facilities closing and island residents fleeing to the mainland United States where many find jobs, primarily in central Florida. politicsNews
senate debate puerto rico debt bill mcconnellwashington reuters the senate month debate legislation passed overwhelmingly house representatives aims give puerto rico relief billion debt senate majority leader mitch mcconnell said tuesday mcconnell announcement came house members briefed fellow republicans senate content legislation would establish federal oversight board restructure puerto rica debt backers bill hoping senate signs legislation july puerto rico faces deadline billion debt payment representative rob bishop chairs house natural resources committee steered legislation chamber told reporters republican senators pepper questions makeup oversight board powers he added assured senators bill taxpayer bailout puerto rico would impact states puerto rico territory critics bill expressed concerns control board appointed washington might caribbean island best interests mind the legislation also got boost albeit revid one tuesday senate finance committee chairman train hatch offered qualified support house bill he added considering offering changes bill elaborate hatch finance committee oversight puerto rico debt legislation some senate democrats also expressed reservations bill indicated could seek amendments clear actually would any changes made senate bill would send back house accept reject make amendments bishop left open possibility july arriving congress still working puerto rico bill it end world bishop said possibility congress putting finishing touches legislation july market forces long realize moving forward solution close i think would mitigate anything would negative would impact entire market bishop added the obama administration voiced support house bill passed strong bipartisan vote puerto rico suffers poverty rate around percent cobbled worsening debt problems schools medical facilities closing island residents fleeing mainland united states many find jobs primarily central florida 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: Senate to debate Puerto Rico debt bill: McConnellWASHINGTON (Reuters) - The U.S. Senate this month will debate legislation that passed overwhelmingly in the House of Representatives and aims to give Puerto Rico some relief from its $70 billion debt, Senate Majority Leader Mitch McConnell said on Tuesday. McConnell’s announcement came after some House members briefed fellow Republicans in the Senate on the content of the legislation, which would establish a federal oversight board to restructure Puerto Rican debt. Backers of the House-passed bill are hoping the Senate signs off on the legislation before July 1, when Puerto Rico faces a deadline on a $1.9 billion debt payment. Representative Rob Bishop, who chairs the House Natural Resources Committee, which steered the legislation through that chamber, told reporters that Republican senators peppered him with questions about the makeup of the oversight board and its powers. He added that he assured senators the bill is not a taxpayer bailout of Puerto Rico and that it would not have an impact on U.S. states. Puerto Rico is a U.S. territory and some critics of the bill have expressed concerns that a control board appointed by Washington might not have the Caribbean island’s best interests in mind. The legislation also got a boost, albeit a tepid one, on Tuesday when Senate Finance Committee Chairman Orrin Hatch offered qualified support for the House bill. He added that he was considering offering changes to the bill but did not elaborate. Hatch’s Finance Committee has oversight of the Puerto Rico debt legislation. Some Senate Democrats also have expressed reservations with the bill and indicated that they could seek amendments, but it was not clear if they actually would. Any changes made by the Senate to the House-passed bill would send it back to the House to accept, reject or make further amendments. Bishop left open the possibility of July 1 arriving with Congress still working on the Puerto Rico bill. “It’s not the end of the world,” Bishop said of the possibility of Congress putting finishing touches on legislation into July. “Market forces, as long as they realize we’re moving forward to a solution and we’re close to it, I think that would mitigate against anything that would be negative that would impact the entire market,” Bishop added. The Obama administration has voiced its support for the House bill, which passed on a strong, bipartisan vote of 297-127. Puerto Rico, which suffers from a poverty rate of around 45 percent, has been hobbled by its worsening debt problems, with some schools and medical facilities closing and island residents fleeing to the mainland United States where many find jobs, primarily in central Florida. 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: senate debate puerto rico debt bill mcconnellwashington reuters the senate month debate legislation passed overwhelmingly house representatives aims give puerto rico relief billion debt senate majority leader mitch mcconnell said tuesday mcconnell announcement came house members briefed fellow republicans senate content legislation would establish federal oversight board restructure puerto rica debt backers bill hoping senate signs legislation july puerto rico faces deadline billion debt payment representative rob bishop chairs house natural resources committee steered legislation chamber told reporters republican senators pepper questions makeup oversight board powers he added assured senators bill taxpayer bailout puerto rico would impact states puerto rico territory critics bill expressed concerns control board appointed washington might caribbean island best interests mind the legislation also got boost albeit revid one tuesday senate finance committee chairman train hatch offered qualified support house bill he added considering offering changes bill elaborate hatch finance committee oversight puerto rico debt legislation some senate democrats also expressed reservations bill indicated could seek amendments clear actually would any changes made senate bill would send back house accept reject make amendments bishop left open possibility july arriving congress still working puerto rico bill it end world bishop said possibility congress putting finishing touches legislation july market forces long realize moving forward solution close i think would mitigate anything would negative would impact entire market bishop added the obama administration voiced support house bill passed strong bipartisan vote puerto rico suffers poverty rate around percent cobbled worsening debt problems schools medical facilities closing island residents fleeing mainland united states many find jobs primarily central florida politicsnews