Sanders rejects deal on Puerto Rico, offers alternativeWASHINGTON (Reuters) - Democratic presidential candidate and U.S. Senator Bernie Sanders on Monday rejected a bipartisan deal reached in the House of Representatives on legislation to address Puerto Rico’s debt crisis, calling it a concession to Wall Street. Breaking with the Obama administration, Sanders called on Senate colleagues to instead back an alternative he has proposed to allow the U.S. territory the same access to restructure its debt in bankruptcy court that is afforded to municipalities. Lawmakers in the U.S. House of Representatives last week unveiled a bill, hammered out in talks between lawmakers from both parties, that included a framework for restructuring Puerto Rico’s $70 billion in debt and putting the island’s financial operations under the control of a federal oversight board. A House vote is expected in the first week of June, ahead of a $1.9 billion debt payment due on July 1, but any legislation would have to clear the Senate as well. Democratic congressional leaders have acknowledged disagreements with some parts of the bill but said negotiations had led to a workable compromise, and the Obama administration has urged Congress to quickly pass it. “It is critical that Congress pass this as there are very significant bond payments due in July,” U.S. Treasury Secretary Jack Lew said last week. “Time is of the essence.” Sanders’ rival for the Democratic nomination, Hillary Clinton, has also backed the legislation. But Sanders, who represents Vermont as an independent but who caucuses with Democrats, said Wall Street would benefit at the expense of Puerto Rico’s workers. “This legislation looks out for the needs of Wall Street vulture funds first and foremost. That is unacceptable,” he wrote in a letter to Senate colleagues on Monday. He cited provisions exempting residents from new overtime protections and allowing minimum wage on the island to dip to $4.25 for a period of up to five years, far lower than the U.S. minimum wage of $7.25.  Instead, Sanders said the U.S. Federal Reserve and Treasury Department could find other solutions, such as providing loans to Puerto Rico’s electric authority and water agency, and directly purchasing new bonds issued by the U.S. commonwealth. (Refiles to add dropped letter in “Representatives,” paragraph 1.) politicsNews
sanders rejects deal puerto rico offers alternativewashington reuters democratic presidential candidate senator bernie sanders monday rejected bipartisan deal reached house representatives legislation address puerto rico debt crisis calling concession wall street breaking obama administration sanders called senate colleagues instead back alternative proposed allow territory access restructure debt bankruptcy court afforded municipalities lawmakers house representatives last week unveiled bill hammered talks lawmakers parties included framework restructuring puerto rico billion debt putting island financial operations control federal oversight board a house vote expected first week june ahead billion debt payment due july legislation would clear senate well democratic congressional leaders acknowledged disagreements parts bill said negotiations led workable compromise obama administration urged congress quickly pass it critical congress pass significant bond payments due july treasury secretary jack new said last week time sanders rival democratic nomination hillary clinton also backed legislation but sanders represents vermont independent caucuses democrats said wall street would benefit expense puerto rico workers this legislation looks needs wall street vulture funds first foremost that unacceptable wrote letter senate colleagues monday he cited provisions exemption residents new overtime protections allowing minimum wage island dip period five years far lower minimum wage instead sanders said federal reserve treasury department could find solutions providing loans puerto rico electric authority water agency directly purchasing new bonds issued commonwealth files add dropped letter representatives paragraph 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: Sanders rejects deal on Puerto Rico, offers alternativeWASHINGTON (Reuters) - Democratic presidential candidate and U.S. Senator Bernie Sanders on Monday rejected a bipartisan deal reached in the House of Representatives on legislation to address Puerto Rico’s debt crisis, calling it a concession to Wall Street. Breaking with the Obama administration, Sanders called on Senate colleagues to instead back an alternative he has proposed to allow the U.S. territory the same access to restructure its debt in bankruptcy court that is afforded to municipalities. Lawmakers in the U.S. House of Representatives last week unveiled a bill, hammered out in talks between lawmakers from both parties, that included a framework for restructuring Puerto Rico’s $70 billion in debt and putting the island’s financial operations under the control of a federal oversight board. A House vote is expected in the first week of June, ahead of a $1.9 billion debt payment due on July 1, but any legislation would have to clear the Senate as well. Democratic congressional leaders have acknowledged disagreements with some parts of the bill but said negotiations had led to a workable compromise, and the Obama administration has urged Congress to quickly pass it. “It is critical that Congress pass this as there are very significant bond payments due in July,” U.S. Treasury Secretary Jack Lew said last week. “Time is of the essence.” Sanders’ rival for the Democratic nomination, Hillary Clinton, has also backed the legislation. But Sanders, who represents Vermont as an independent but who caucuses with Democrats, said Wall Street would benefit at the expense of Puerto Rico’s workers. “This legislation looks out for the needs of Wall Street vulture funds first and foremost. That is unacceptable,” he wrote in a letter to Senate colleagues on Monday. He cited provisions exempting residents from new overtime protections and allowing minimum wage on the island to dip to $4.25 for a period of up to five years, far lower than the U.S. minimum wage of $7.25.  Instead, Sanders said the U.S. Federal Reserve and Treasury Department could find other solutions, such as providing loans to Puerto Rico’s electric authority and water agency, and directly purchasing new bonds issued by the U.S. commonwealth. (Refiles to add dropped letter in “Representatives,” paragraph 1.) 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: sanders rejects deal puerto rico offers alternativewashington reuters democratic presidential candidate senator bernie sanders monday rejected bipartisan deal reached house representatives legislation address puerto rico debt crisis calling concession wall street breaking obama administration sanders called senate colleagues instead back alternative proposed allow territory access restructure debt bankruptcy court afforded municipalities lawmakers house representatives last week unveiled bill hammered talks lawmakers parties included framework restructuring puerto rico billion debt putting island financial operations control federal oversight board a house vote expected first week june ahead billion debt payment due july legislation would clear senate well democratic congressional leaders acknowledged disagreements parts bill said negotiations led workable compromise obama administration urged congress quickly pass it critical congress pass significant bond payments due july treasury secretary jack new said last week time sanders rival democratic nomination hillary clinton also backed legislation but sanders represents vermont independent caucuses democrats said wall street would benefit expense puerto rico workers this legislation looks needs wall street vulture funds first foremost that unacceptable wrote letter senate colleagues monday he cited provisions exemption residents new overtime protections allowing minimum wage island dip period five years far lower minimum wage instead sanders said federal reserve treasury department could find solutions providing loans puerto rico electric authority water agency directly purchasing new bonds issued commonwealth files add dropped letter representatives paragraph politicsnews