Senate set to begin debate on Puerto Rico debt relief billWASHINGTON/NEW YORK (Reuters) - After months of waiting for the U.S. Congress to act as Puerto Rico’s economic crisis progressively worsened, the Caribbean island is on the verge of securing a relief plan from Washington aimed at helping it address a hobbling $70 billion debt. The Senate is set to launch a debate on Wednesday for legislation establishing a federal oversight board that would be in charge of restructuring the U.S. territory’s debt where one out of every three dollars it earns in revenue is used to pay creditors, according to the U.S. Treasury. “We’re not going to let Puerto Rico go off the cliff here. It’s too important,” said Republican Senator Marco Rubio of Florida. The measure is identical to the plan passed by the House of Representatives earlier this month, as Congress tries to send it to President Barack Obama to sign into law by July 1. That is when Puerto Rico faces a potential default on a chunk of its debt if it cannot make a $1.9 billion payment.  As early as Wednesday, the Senate could cast a procedural vote on the bill that, if successful, would clear the measure for passage this week. Senate Majority Leader Mitch McConnell also took steps to limit amendments that can be offered to the bill. Some Democrats have complained about the makeup and operation of the oversight board that would be appointed by Washington as well as provisions demanded by House Republicans that potentially could lower minimum wages for some younger workers. “Something needs to be done. We would really love some amendments on key issues like the composition of the board, the procedures for taking Puerto Rico into the bankruptcy court, and then especially, the labor provisions on overtime and minimum wage,” Democratic Senator Tim Kaine of Virginia told reporters. But any amendments would delay Congress’ work on the bill and make it impossible to get to Obama before July 1, as the House of Representatives would have to sign off and it is in recess until July 5, after the Independence Day holiday weekend. U.S. Treasury Secretary Jack Lew reiterated his call for the Senate to pass the bill on Monday, saying if nothing is done by the Friday deadline, the debt crisis will only ratchet higher. Puerto Rico is reeling from a 45 percent poverty rate, a steady flow of outward migration to the U.S. mainland that further shrinks its tax base and the shuttering of essential services. If Congress does not pass the “Puerto Rico Oversight, Management and Economic Stability Act,” or PROMESA, before July 1, the island could default on all or part of the debt payment, including General Obligation bonds that are senior to all credits. “The Senate should take up the matter immediately,” Lew said in a letter to McConnell. “Delay will only jeopardize the ability of Congress to conclude its work before July 1, a critical deadline Puerto Rico’s leadership has publicly highlighted for months.” While Puerto Ricans want some sort of relief from the debt their government is saddled with, many of the 3.5 million residents, who are U.S. citizens, nonetheless worry that the proposed seven-member oversight board will trample on San Juan’s self-governing rights. “The bill is not perfect. I do not like the board. I do not like that it doesn’t add a mechanism to make our economy grow, but what is the alternative right now? That is why I call on the Senate to vote for this bill,” Puerto Rican Governor Alejandro Garcia Padilla said during a panel discussion last week in Washington. Without PROMESA, an existing trickle of lawsuits could turn into a flood. In April when there was little sign of congressional action, Puerto Rico’s legislature passed a local debt moratorium law giving Garcia Padilla the authority to withhold debt payments. Investors on June 21 filed a lawsuit in U.S. federal court calling the Puerto Rico Emergency Moratorium and Rehabilitation Act illegal. “We are at the mercy of the judge,” Garcia Padilla said during the panel discussion. PROMESA, if signed into law, puts an immediate stay, or hold, on any future lawsuits and is retroactive to December 2015. The stay remains in effect until the debt has been restructured to a sustainable level with the goal being an orderly restructuring an sustainable amount of debt. politicsNews
senate set begin debate puerto rico debt relief york reuters after months waiting congress act puerto rico economic crisis progressively worsened caribbean island verge securing relief plan washington aimed helping address lobbying billion debt the senate set launch debate wednesday legislation establishing federal oversight board would charge restructuring territory debt one every three dollars earns revenue used pay creditors according treasury we going let puerto rico go cliff it important said republican senator marco rubio florida the measure identical plan passed house representatives earlier month congress tries send president barack obama sign law july that puerto rico faces potential default chunk debt make billion payment as early wednesday senate could cast procedural vote bill successful would clear measure passage week senate majority leader mitch mcconnell also took steps limit amendments offered bill some democrats complained makeup operation oversight board would appointed washington well provisions demanded house republicans potentially could lower minimum wages younger workers something needs done we would really love amendments key issues like composition board procedures taking puerto rico bankruptcy court especially labor provisions overtime minimum wage democratic senator tim maine virginia told reporters but amendments would delay congress work bill make impossible get obama july house representatives would sign recess july independence day holiday weekend treasury secretary jack new reiterated call senate pass bill monday saying nothing done friday deadline debt crisis hatchet higher puerto rico reeling percent poverty rate steady flow outward migration mainland shrinks tax base shattering essential services if congress pass puerto rico oversight management economic stability act process july island could default part debt payment including general obligation bonds senior credits the senate take matter immediately new said letter mcconnell delay jeopardize ability congress conclude work july critical deadline puerto rico leadership publicly highlighted while puerto ricas want sort relief debt government saddle many million residents citizens nonetheless worry proposed oversight board example san juan rights the bill perfect i like board i like add mechanism make economy grow alternative right that i call senate vote bill puerto rica governor alejandro garcia vanilla said panel discussion last week washington without process existing triple lawsuits could turn flood in april little sign congressional action puerto rico legislature passed local debt moratorium law giving garcia vanilla authority withhold debt payments investors june filed lawsuit federal court calling puerto rico emergency moratorium rehabilitation act illegal we mercy judge garcia vanilla said panel discussion process signed law puts immediate stay hold future lawsuits retroactive december the stay remains effect debt restructured sustainable level goal orderly restructuring sustainable amount debt 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 set to begin debate on Puerto Rico debt relief billWASHINGTON/NEW YORK (Reuters) - After months of waiting for the U.S. Congress to act as Puerto Rico’s economic crisis progressively worsened, the Caribbean island is on the verge of securing a relief plan from Washington aimed at helping it address a hobbling $70 billion debt. The Senate is set to launch a debate on Wednesday for legislation establishing a federal oversight board that would be in charge of restructuring the U.S. territory’s debt where one out of every three dollars it earns in revenue is used to pay creditors, according to the U.S. Treasury. “We’re not going to let Puerto Rico go off the cliff here. It’s too important,” said Republican Senator Marco Rubio of Florida. The measure is identical to the plan passed by the House of Representatives earlier this month, as Congress tries to send it to President Barack Obama to sign into law by July 1. That is when Puerto Rico faces a potential default on a chunk of its debt if it cannot make a $1.9 billion payment.  As early as Wednesday, the Senate could cast a procedural vote on the bill that, if successful, would clear the measure for passage this week. Senate Majority Leader Mitch McConnell also took steps to limit amendments that can be offered to the bill. Some Democrats have complained about the makeup and operation of the oversight board that would be appointed by Washington as well as provisions demanded by House Republicans that potentially could lower minimum wages for some younger workers. “Something needs to be done. We would really love some amendments on key issues like the composition of the board, the procedures for taking Puerto Rico into the bankruptcy court, and then especially, the labor provisions on overtime and minimum wage,” Democratic Senator Tim Kaine of Virginia told reporters. But any amendments would delay Congress’ work on the bill and make it impossible to get to Obama before July 1, as the House of Representatives would have to sign off and it is in recess until July 5, after the Independence Day holiday weekend. U.S. Treasury Secretary Jack Lew reiterated his call for the Senate to pass the bill on Monday, saying if nothing is done by the Friday deadline, the debt crisis will only ratchet higher. Puerto Rico is reeling from a 45 percent poverty rate, a steady flow of outward migration to the U.S. mainland that further shrinks its tax base and the shuttering of essential services. If Congress does not pass the “Puerto Rico Oversight, Management and Economic Stability Act,” or PROMESA, before July 1, the island could default on all or part of the debt payment, including General Obligation bonds that are senior to all credits. “The Senate should take up the matter immediately,” Lew said in a letter to McConnell. “Delay will only jeopardize the ability of Congress to conclude its work before July 1, a critical deadline Puerto Rico’s leadership has publicly highlighted for months.” While Puerto Ricans want some sort of relief from the debt their government is saddled with, many of the 3.5 million residents, who are U.S. citizens, nonetheless worry that the proposed seven-member oversight board will trample on San Juan’s self-governing rights. “The bill is not perfect. I do not like the board. I do not like that it doesn’t add a mechanism to make our economy grow, but what is the alternative right now? That is why I call on the Senate to vote for this bill,” Puerto Rican Governor Alejandro Garcia Padilla said during a panel discussion last week in Washington. Without PROMESA, an existing trickle of lawsuits could turn into a flood. In April when there was little sign of congressional action, Puerto Rico’s legislature passed a local debt moratorium law giving Garcia Padilla the authority to withhold debt payments. Investors on June 21 filed a lawsuit in U.S. federal court calling the Puerto Rico Emergency Moratorium and Rehabilitation Act illegal. “We are at the mercy of the judge,” Garcia Padilla said during the panel discussion. PROMESA, if signed into law, puts an immediate stay, or hold, on any future lawsuits and is retroactive to December 2015. The stay remains in effect until the debt has been restructured to a sustainable level with the goal being an orderly restructuring an sustainable amount of debt. 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 set begin debate puerto rico debt relief york reuters after months waiting congress act puerto rico economic crisis progressively worsened caribbean island verge securing relief plan washington aimed helping address lobbying billion debt the senate set launch debate wednesday legislation establishing federal oversight board would charge restructuring territory debt one every three dollars earns revenue used pay creditors according treasury we going let puerto rico go cliff it important said republican senator marco rubio florida the measure identical plan passed house representatives earlier month congress tries send president barack obama sign law july that puerto rico faces potential default chunk debt make billion payment as early wednesday senate could cast procedural vote bill successful would clear measure passage week senate majority leader mitch mcconnell also took steps limit amendments offered bill some democrats complained makeup operation oversight board would appointed washington well provisions demanded house republicans potentially could lower minimum wages younger workers something needs done we would really love amendments key issues like composition board procedures taking puerto rico bankruptcy court especially labor provisions overtime minimum wage democratic senator tim maine virginia told reporters but amendments would delay congress work bill make impossible get obama july house representatives would sign recess july independence day holiday weekend treasury secretary jack new reiterated call senate pass bill monday saying nothing done friday deadline debt crisis hatchet higher puerto rico reeling percent poverty rate steady flow outward migration mainland shrinks tax base shattering essential services if congress pass puerto rico oversight management economic stability act process july island could default part debt payment including general obligation bonds senior credits the senate take matter immediately new said letter mcconnell delay jeopardize ability congress conclude work july critical deadline puerto rico leadership publicly highlighted while puerto ricas want sort relief debt government saddle many million residents citizens nonetheless worry proposed oversight board example san juan rights the bill perfect i like board i like add mechanism make economy grow alternative right that i call senate vote bill puerto rica governor alejandro garcia vanilla said panel discussion last week washington without process existing triple lawsuits could turn flood in april little sign congressional action puerto rico legislature passed local debt moratorium law giving garcia vanilla authority withhold debt payments investors june filed lawsuit federal court calling puerto rico emergency moratorium rehabilitation act illegal we mercy judge garcia vanilla said panel discussion process signed law puts immediate stay hold future lawsuits retroactive december the stay remains effect debt restructured sustainable level goal orderly restructuring sustainable amount debt politicsnews