U.S. Treasury, Democrats concerned over Puerto Rico plan WASHINGTON (Reuters) - The U.S. Congress was ironing out a new plan on Wednesday to rescue Puerto Rico from crippling debts that threaten the island territory’s funding for hospitals and emergency services, as the treatment of bondholders simmers as a point of contention. The Obama administration and congressional Democrats raised concerns about legislation being floated by Republicans. It 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. Puerto Rico’s economy has struggled for years and the U.S. territory’s government has borrowed heavily to pay its bills. Its bankruptcy reorganization options are limited under present law and Congress has become involved. The Republican bill “imposes an unworkable, mandatory process” on debt restructurings “that will only delay the ability to reach a comprehensive resolution,” Treasury Department Counselor Antonio Weiss told a congressional panel. All of Puerto Rico’s many debtors “would have to complete a complicated process before any single entity could begin to restructure,” Weiss said in prepared testimony to the U.S. House of Representatives Natural Resources Committee, which hopes to advance legislation soon. Republicans control the U.S. Congress, but they likely will need support from Democrats to pass a rescue plan. Weiss painted a dire picture of Puerto Rico, where he said essential government services are being curtailed because of a lack of cash, hospitals have closed some floors amid layoffs, and fuel for emergency vehicles is running dry. House Democratic leader Nancy Pelosi, speaking to reporters,  complained of television ads airing in some parts of the United States that she said were misleading. The actions being weighed, Pelosi said, “do not cost the taxpayers one dollar.” Pelosi said Democrats are concerned “about the negative impact of the legislation on working people in Puerto Rico, as well as the effects of transferring federal lands on Vieques without providing for strong conservation protections.”  If the House committee can amend the bill in a way that a majority of members approve, it would advance to the full House. Many investors would face a loss under the Republican plan and are lobbying Congress to protect their bottom lines. The rescue plan adopts some principles of bankruptcy law, and some lawmakers have balked at the idea of letting Puerto Rico modify its bonds, saying it would create chaos for municipal markets. politicsNews
treasury democrats concerned puerto rico plan washington reuters the congress growing new plan wednesday rescue puerto rico crippling debts threaten island territory funding hospitals emergency services treatment bondholders swimmers point contention the obama administration congressional democrats raised concerns legislation floated republicans it would steer creditors holders puerto rico bonds toward new independent board would seek fair way write estimated billion debt puerto rico economy struggled years territory government borrowed heavily pay bills its bankruptcy reorganization options limited present law congress become involved the republican bill imposes unworkable mandatory process debt restructuring delay ability reach comprehensive resolution treasury department counselor antonio weiss told congressional panel all puerto rico many debtors would complete complicated process single entity could begin restructure weiss said prepared testimony house representatives natural resources committee hopes advance legislation soon republicans control congress likely need support democrats pass rescue plan weiss painted dire picture puerto rico said essential government services curtailed lack cash hospitals closed floors amid layoffs fuel emergency vehicles running dry house democratic leader nancy pesos speaking reporters complained television ads airing parts united states said misleading the actions weighed pesos said cost taxpayers one pesos said democrats concerned negative impact legislation working people puerto rico well effects transferring federal lands venues without providing strong conservation if house committee amend bill way majority members approve would advance full house many investors would face loss republican plan lobbying congress protect bottom lines the rescue plan adopts principles bankruptcy law lawmakers backed idea letting puerto rico modify bonds saying would create chaos municipal markets 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. Treasury, Democrats concerned over Puerto Rico plan WASHINGTON (Reuters) - The U.S. Congress was ironing out a new plan on Wednesday to rescue Puerto Rico from crippling debts that threaten the island territory’s funding for hospitals and emergency services, as the treatment of bondholders simmers as a point of contention. The Obama administration and congressional Democrats raised concerns about legislation being floated by Republicans. It 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. Puerto Rico’s economy has struggled for years and the U.S. territory’s government has borrowed heavily to pay its bills. Its bankruptcy reorganization options are limited under present law and Congress has become involved. The Republican bill “imposes an unworkable, mandatory process” on debt restructurings “that will only delay the ability to reach a comprehensive resolution,” Treasury Department Counselor Antonio Weiss told a congressional panel. All of Puerto Rico’s many debtors “would have to complete a complicated process before any single entity could begin to restructure,” Weiss said in prepared testimony to the U.S. House of Representatives Natural Resources Committee, which hopes to advance legislation soon. Republicans control the U.S. Congress, but they likely will need support from Democrats to pass a rescue plan. Weiss painted a dire picture of Puerto Rico, where he said essential government services are being curtailed because of a lack of cash, hospitals have closed some floors amid layoffs, and fuel for emergency vehicles is running dry. House Democratic leader Nancy Pelosi, speaking to reporters,  complained of television ads airing in some parts of the United States that she said were misleading. The actions being weighed, Pelosi said, “do not cost the taxpayers one dollar.” Pelosi said Democrats are concerned “about the negative impact of the legislation on working people in Puerto Rico, as well as the effects of transferring federal lands on Vieques without providing for strong conservation protections.”  If the House committee can amend the bill in a way that a majority of members approve, it would advance to the full House. Many investors would face a loss under the Republican plan and are lobbying Congress to protect their bottom lines. The rescue plan adopts some principles of bankruptcy law, and some lawmakers have balked at the idea of letting Puerto Rico modify its bonds, saying it would create chaos for municipal markets. 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: treasury democrats concerned puerto rico plan washington reuters the congress growing new plan wednesday rescue puerto rico crippling debts threaten island territory funding hospitals emergency services treatment bondholders swimmers point contention the obama administration congressional democrats raised concerns legislation floated republicans it would steer creditors holders puerto rico bonds toward new independent board would seek fair way write estimated billion debt puerto rico economy struggled years territory government borrowed heavily pay bills its bankruptcy reorganization options limited present law congress become involved the republican bill imposes unworkable mandatory process debt restructuring delay ability reach comprehensive resolution treasury department counselor antonio weiss told congressional panel all puerto rico many debtors would complete complicated process single entity could begin restructure weiss said prepared testimony house representatives natural resources committee hopes advance legislation soon republicans control congress likely need support democrats pass rescue plan weiss painted dire picture puerto rico said essential government services curtailed lack cash hospitals closed floors amid layoffs fuel emergency vehicles running dry house democratic leader nancy pesos speaking reporters complained television ads airing parts united states said misleading the actions weighed pesos said cost taxpayers one pesos said democrats concerned negative impact legislation working people puerto rico well effects transferring federal lands venues without providing strong conservation if house committee amend bill way majority members approve would advance full house many investors would face loss republican plan lobbying congress protect bottom lines the rescue plan adopts principles bankruptcy law lawmakers backed idea letting puerto rico modify bonds saying would create chaos municipal markets politicsnews