New Puerto Rico fiscal plan OK'd; governor says too austere
Oct 23, 2018
A federal control board has approved a five-year fiscal plan for Puerto Rico, though Gov. Ricardo Rossello warns it's too austere and will affect government services
SAN JUAN, Puerto Rico — A federal control board has approved a five-year fiscal plan for Puerto Rico, though Gov. Ricardo Rossello warns it's too austere and will affect government services.
The economic blueprint approved on Tuesday aims to help pull the U.S. territory out of an economic crisis following a 12-year slump and devastation caused by last year's Hurricane Maria.
The plan estimates that $82 billion in federal hurricane recovery funds will briefly boost Puerto Rico's economy.
But President Donald Trump tweeted that what he called the "ridiculously high amount of funds" can't be used to pay the island's debt. He said "inept politicians" on the island are trying to do that.
Board executive director Natalie Jaresko said the funds aren't budgeted for debt payments but will help stimulate the island's economy.
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