Puerto Rico rescue plan strains U.S. Republican caucusWASHINGTON (Reuters) - Leading Republicans on Tuesday outlined a plan to help Puerto Rico shed crippling debt and accused investor-allied groups of misleading lawmakers about the proposal. The rescue would steer creditors and holders of Puerto Rico bonds toward a new, independent board that would seek a fair way to write down an estimated $70 billion in debt. Banks, mutual funds, hedge funds and Puerto Rico citizens all hold paper issued by 18 entities on the U.S. commonwealth and many of those investors, if not all, would face a loss. Lawmakers in Congress are being lobbied - and attacked - by investor groups that are trying to protect their bottom lines. “They are deceitful,” said Rep. Rob Bishop, a Utah Republican who leads the House Natural Resources Committee. Bishop said accusations likening the Puerto Rico rescue plan to a government bailout were “crap,” and the plan had the virtue of “protecting taxpayers and not spending government money.” The rescue plan does, however, adopt some principles of bankruptcy law and that makes it controversial. Investors could be forced into a settlement over the objections of holdout bondholders under certain circumstances, according to a draft of the bill. Some lawmakers said allowing Puerto Rico to modify its bonds could mean chaos for municipal markets. “If they can do it for Puerto Rico, they can do it for every other state,” Rep. Tom McClintock said of the damage that the rescue bill would do. McClintock, a California Republican, said he was “very concerned” about the plan after a half-hour meeting Tuesday afternoon of Republicans on the Natural Resources panel. House Speaker Paul Ryan said in a statement that he supported Bishop’s effort because it “holds the right people accountable for the crisis (and) shrinks the size of government.” Ryan also said he liked the idea of an independent board settling investor disputes, adding that legislation passed last week to halt payments on Puerto Rico’s debt was “troubling.” The Republican Study Committee, a group of conservative lawmakers, said in a statement it was still reviewing the bill, but “we are encouraged that there appear to be some improvements.” Ryan will need the votes of many fiscally-conservative Republicans - and as is seen likely, some Democrats - if he is to get the rescue package through the House of Representatives. The plan will face a test on Wednesday when the Natural Resources panel begins to amend the plan during a law-writing session known as a “mark up.” An aide to House Democratic leader Nancy Pelosi said her office was still reviewing the legislation. politicsNews
puerto rico rescue plan strains republican caucuswashington reuters leading republicans tuesday outlined plan help puerto rico shed crippling debt accused groups misleading lawmakers proposal the rescue would steer creditors holders puerto rico bonds toward new independent board would seek fair way write estimated billion debt banks mutual funds hedge funds puerto rico citizens hold paper issued entities commonwealth many investors would face loss lawmakers congress lobbied attacked investor groups trying protect bottom lines they deceitful said rep rob bishop utah republican leads house natural resources committee bishop said accusations linking puerto rico rescue plan government bailout crap plan virtue protecting taxpayers spending government the rescue plan however adopt principles bankruptcy law makes controversial investors could forced settlement objections handout bondholders certain circumstances according draft bill some lawmakers said allowing puerto rico modify bonds could mean chaos municipal markets if puerto rico every state tom mcclintock said damage rescue bill would mcclintock california republican said concerned plan meeting tuesday afternoon republicans natural resources panel house speaker paul ryan said statement supported bishop effort holds right people accountable crisis shrinks size ryan also said liked idea independent board settling investor disputes adding legislation passed last week halt payments puerto rico debt the republican study committee group conservative lawmakers said statement still reviewing bill encouraged appear ryan need votes many republicans seen likely democrats get rescue package house representatives the plan face test wednesday natural resources panel begins amend plan session known mark an aide house democratic leader nancy pesos said office still reviewing legislation 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: Puerto Rico rescue plan strains U.S. Republican caucusWASHINGTON (Reuters) - Leading Republicans on Tuesday outlined a plan to help Puerto Rico shed crippling debt and accused investor-allied groups of misleading lawmakers about the proposal. The rescue would steer creditors and holders of Puerto Rico bonds toward a new, independent board that would seek a fair way to write down an estimated $70 billion in debt. Banks, mutual funds, hedge funds and Puerto Rico citizens all hold paper issued by 18 entities on the U.S. commonwealth and many of those investors, if not all, would face a loss. Lawmakers in Congress are being lobbied - and attacked - by investor groups that are trying to protect their bottom lines. “They are deceitful,” said Rep. Rob Bishop, a Utah Republican who leads the House Natural Resources Committee. Bishop said accusations likening the Puerto Rico rescue plan to a government bailout were “crap,” and the plan had the virtue of “protecting taxpayers and not spending government money.” The rescue plan does, however, adopt some principles of bankruptcy law and that makes it controversial. Investors could be forced into a settlement over the objections of holdout bondholders under certain circumstances, according to a draft of the bill. Some lawmakers said allowing Puerto Rico to modify its bonds could mean chaos for municipal markets. “If they can do it for Puerto Rico, they can do it for every other state,” Rep. Tom McClintock said of the damage that the rescue bill would do. McClintock, a California Republican, said he was “very concerned” about the plan after a half-hour meeting Tuesday afternoon of Republicans on the Natural Resources panel. House Speaker Paul Ryan said in a statement that he supported Bishop’s effort because it “holds the right people accountable for the crisis (and) shrinks the size of government.” Ryan also said he liked the idea of an independent board settling investor disputes, adding that legislation passed last week to halt payments on Puerto Rico’s debt was “troubling.” The Republican Study Committee, a group of conservative lawmakers, said in a statement it was still reviewing the bill, but “we are encouraged that there appear to be some improvements.” Ryan will need the votes of many fiscally-conservative Republicans - and as is seen likely, some Democrats - if he is to get the rescue package through the House of Representatives. The plan will face a test on Wednesday when the Natural Resources panel begins to amend the plan during a law-writing session known as a “mark up.” An aide to House Democratic leader Nancy Pelosi said her office was still reviewing the legislation. 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: puerto rico rescue plan strains republican caucuswashington reuters leading republicans tuesday outlined plan help puerto rico shed crippling debt accused groups misleading lawmakers proposal the rescue would steer creditors holders puerto rico bonds toward new independent board would seek fair way write estimated billion debt banks mutual funds hedge funds puerto rico citizens hold paper issued entities commonwealth many investors would face loss lawmakers congress lobbied attacked investor groups trying protect bottom lines they deceitful said rep rob bishop utah republican leads house natural resources committee bishop said accusations linking puerto rico rescue plan government bailout crap plan virtue protecting taxpayers spending government the rescue plan however adopt principles bankruptcy law makes controversial investors could forced settlement objections handout bondholders certain circumstances according draft bill some lawmakers said allowing puerto rico modify bonds could mean chaos municipal markets if puerto rico every state tom mcclintock said damage rescue bill would mcclintock california republican said concerned plan meeting tuesday afternoon republicans natural resources panel house speaker paul ryan said statement supported bishop effort holds right people accountable crisis shrinks size ryan also said liked idea independent board settling investor disputes adding legislation passed last week halt payments puerto rico debt the republican study committee group conservative lawmakers said statement still reviewing bill encouraged appear ryan need votes many republicans seen likely democrats get rescue package house representatives the plan face test wednesday natural resources panel begins amend plan session known mark an aide house democratic leader nancy pesos said office still reviewing legislation politicsnews