U.S. House passes Puerto Rico debt relief billWASHINGTON (Reuters) - Following months of internal wrangling, the U.S. House of Representatives, on Thursday passed legislation creating a federal control board to help Puerto Rico cope with crippling debt that is wreaking havoc throughout the island’s economy. By a vote of 297-127, the House approved the bill, sending it to the Senate for consideration. Some leading Democratic senators have voiced concerns about provisions, including one that potentially could reduce the minimum wage for young Puerto Ricans. But given the overwhelming support in the House and a looming July 1 deadline for Puerto Rico to make a $1.9 billion debt payment, senators may be hesitant to delay or tinker very much with the bill. Following the House vote, the White House in a statement urged the Senate to act promptly “so the president can sign the bill into law ahead of the critical July 1st debt payment deadline.” The legislation was bolstered by rare bipartisan cooperation between the White House and the House’s Republicans and Democrats over the past six months. House Speaker Paul Ryan urged Congress to act quickly on the “Puerto Rico Oversight, Management and Economic Stability Act” (PROMESA), warning lawmakers of a “deepening crisis” on the island. “Now the island is shutting down,” Ryan said, with “closed schools; hospitals are beginning to close, that’s today. Tomorrow there could be policemen without cars, there could be blackouts at hospitals.” Nevertheless, some lawmakers feared that allowing Puerto Rico to restructure its $70 billion debt in a way that changes the seniority of the creditors - for instance by making them all equal or subordinated to pensioners - would set a bad precedent for other U.S. states with debt problems. Puerto Rico does not enjoy Chapter 9 bankruptcy protection, unlike the 50 U.S. states. The territory, which has a 45 percent poverty rate amid high unemployment, is also plagued by a growing migration of residents to the U.S. mainland. Puerto Rico’s debt problems come as its government and healthcare industry struggle to contain the spread of the Zika virus, which is blamed for severe birth defects and other neurological diseases.  On Tuesday, Aeromed, the island’s only active air ambulance company, announced it was suspending its services, blaming the large government debt.     The oversight board would be tasked with working with investors on restructuring the U.S. territory’s $70 billion debt. Before passage, the House approved an amendment giving priority to protecting federal taxpayer investments in Puerto Rico, such as mass transportation assets. Representative Raul Grijalva, like many Democrats, criticized major elements of the bill but argued it was the best possible in the Republican-controlled Congress. “The oversight board is too powerful and is yet another infringement on the sovereignty of the people of Puerto Rico and they are right to find it offensive,” Grijalva said.   Despite its support for the overall bill, the White House noted that minimum wage and other labor provisions “further exacerbate the economic disparities between Puerto Rico and the mainland United States” and “do nothing to address the (debt) crisis.” Supporters praised PROMESA for not using taxpayer funds to help the island reschedule its debt. Failure to pass it, they warned, could put Congress in the difficult position of ultimately overseeing a massive bailout of Puerto Rico. But lawmakers have been buffeted by an opposition lobbying campaign by some hedge funds, which fear losing part of their investments from oversight board decisions. politicsNews
house passes puerto rico debt relief billwashington reuters following months internal ranging house representatives thursday passed legislation creating federal control board help puerto rico cope crippling debt breaking havoc throughout island economy by vote house approved bill sending senate consideration some leading democratic senators voiced concerns provisions including one potentially could reduce minimum wage young puerto ricas but given overwhelming support house looming july deadline puerto rico make billion debt payment senators may hesitant delay tanker much bill following house vote white house statement urged senate act promptly president sign bill law ahead critical july debt payment the legislation bolstered rare bipartisan cooperation white house house republicans democrats past six months house speaker paul ryan urged congress act quickly puerto rico oversight management economic stability act process warning lawmakers deepening crisis island now island shutting ryan said closed schools hospitals beginning close today tomorrow could policemen without cars could blackout nevertheless lawmakers feared allowing puerto rico restructure billion debt way changes seniority creditors instance making equal subordinated pensioners would set bad precedent states debt problems puerto rico enjoy chapter bankruptcy protection unlike states the territory percent poverty rate amid high unemployment also plagued growing migration residents mainland puerto rico debt problems come government healthcare industry struggle contain spread nika virus blamed severe birth defects neurological diseases on tuesday armed island active air ambulance company announced suspending services blaming large government debt the oversight board would tasked working investors restructuring territory billion debt before passage house approved amendment giving priority protecting federal taxpayer investments puerto rico mass transportation assets representative raul grijalva like many democrats criticized major elements bill argued best possible congress the oversight board powerful yet another infringement sovereignty people puerto rico right find offensive grijalva said despite support overall bill white house noted minimum wage labor provisions exacerbated economic disparities puerto rico mainland united states nothing address debt supporters praised process using taxpayer funds help island rescheduled debt failure pass warned could put congress difficult position ultimately overseeing massive bailout puerto rico but lawmakers suffered opposition lobbying campaign hedge funds fear losing part investments oversight board decisions 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. House passes Puerto Rico debt relief billWASHINGTON (Reuters) - Following months of internal wrangling, the U.S. House of Representatives, on Thursday passed legislation creating a federal control board to help Puerto Rico cope with crippling debt that is wreaking havoc throughout the island’s economy. By a vote of 297-127, the House approved the bill, sending it to the Senate for consideration. Some leading Democratic senators have voiced concerns about provisions, including one that potentially could reduce the minimum wage for young Puerto Ricans. But given the overwhelming support in the House and a looming July 1 deadline for Puerto Rico to make a $1.9 billion debt payment, senators may be hesitant to delay or tinker very much with the bill. Following the House vote, the White House in a statement urged the Senate to act promptly “so the president can sign the bill into law ahead of the critical July 1st debt payment deadline.” The legislation was bolstered by rare bipartisan cooperation between the White House and the House’s Republicans and Democrats over the past six months. House Speaker Paul Ryan urged Congress to act quickly on the “Puerto Rico Oversight, Management and Economic Stability Act” (PROMESA), warning lawmakers of a “deepening crisis” on the island. “Now the island is shutting down,” Ryan said, with “closed schools; hospitals are beginning to close, that’s today. Tomorrow there could be policemen without cars, there could be blackouts at hospitals.” Nevertheless, some lawmakers feared that allowing Puerto Rico to restructure its $70 billion debt in a way that changes the seniority of the creditors - for instance by making them all equal or subordinated to pensioners - would set a bad precedent for other U.S. states with debt problems. Puerto Rico does not enjoy Chapter 9 bankruptcy protection, unlike the 50 U.S. states. The territory, which has a 45 percent poverty rate amid high unemployment, is also plagued by a growing migration of residents to the U.S. mainland. Puerto Rico’s debt problems come as its government and healthcare industry struggle to contain the spread of the Zika virus, which is blamed for severe birth defects and other neurological diseases.  On Tuesday, Aeromed, the island’s only active air ambulance company, announced it was suspending its services, blaming the large government debt.     The oversight board would be tasked with working with investors on restructuring the U.S. territory’s $70 billion debt. Before passage, the House approved an amendment giving priority to protecting federal taxpayer investments in Puerto Rico, such as mass transportation assets. Representative Raul Grijalva, like many Democrats, criticized major elements of the bill but argued it was the best possible in the Republican-controlled Congress. “The oversight board is too powerful and is yet another infringement on the sovereignty of the people of Puerto Rico and they are right to find it offensive,” Grijalva said.   Despite its support for the overall bill, the White House noted that minimum wage and other labor provisions “further exacerbate the economic disparities between Puerto Rico and the mainland United States” and “do nothing to address the (debt) crisis.” Supporters praised PROMESA for not using taxpayer funds to help the island reschedule its debt. Failure to pass it, they warned, could put Congress in the difficult position of ultimately overseeing a massive bailout of Puerto Rico. But lawmakers have been buffeted by an opposition lobbying campaign by some hedge funds, which fear losing part of their investments from oversight board decisions. 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: house passes puerto rico debt relief billwashington reuters following months internal ranging house representatives thursday passed legislation creating federal control board help puerto rico cope crippling debt breaking havoc throughout island economy by vote house approved bill sending senate consideration some leading democratic senators voiced concerns provisions including one potentially could reduce minimum wage young puerto ricas but given overwhelming support house looming july deadline puerto rico make billion debt payment senators may hesitant delay tanker much bill following house vote white house statement urged senate act promptly president sign bill law ahead critical july debt payment the legislation bolstered rare bipartisan cooperation white house house republicans democrats past six months house speaker paul ryan urged congress act quickly puerto rico oversight management economic stability act process warning lawmakers deepening crisis island now island shutting ryan said closed schools hospitals beginning close today tomorrow could policemen without cars could blackout nevertheless lawmakers feared allowing puerto rico restructure billion debt way changes seniority creditors instance making equal subordinated pensioners would set bad precedent states debt problems puerto rico enjoy chapter bankruptcy protection unlike states the territory percent poverty rate amid high unemployment also plagued growing migration residents mainland puerto rico debt problems come government healthcare industry struggle contain spread nika virus blamed severe birth defects neurological diseases on tuesday armed island active air ambulance company announced suspending services blaming large government debt the oversight board would tasked working investors restructuring territory billion debt before passage house approved amendment giving priority protecting federal taxpayer investments puerto rico mass transportation assets representative raul grijalva like many democrats criticized major elements bill argued best possible congress the oversight board powerful yet another infringement sovereignty people puerto rico right find offensive grijalva said despite support overall bill white house noted minimum wage labor provisions exacerbated economic disparities puerto rico mainland united states nothing address debt supporters praised process using taxpayer funds help island rescheduled debt failure pass warned could put congress difficult position ultimately overseeing massive bailout puerto rico but lawmakers suffered opposition lobbying campaign hedge funds fear losing part investments oversight board decisions politicsnews