They [ the government of Puerto Rico] are asking to be given the right to declare bankruptcy, which I think should be an option, as a last resort, if there is no other resource. But there also need to be measures, changes within the government of Puerto Rico, in the ways that the island's funds are administered, not just to deal with this budget issue, but also to have, to attract the economic growth that is necessary for Puerto Rico to begin to grow economically. They are losing population, and they are losing economically.
Actually, I am asking for this: for something to be done. I think that if it had been one of the 50 states, something would have already been done. Unfortunately, you know, Puerto Rico is a territory. Very often they forget about Puerto Rico.
[Puerto Rico] losing not just taxpayers, but professionals, people who are vital to their communities. I don't think that is good. So undoubtedly, if what we are facing in Puerto Rico in terms of budget and debt goes on, if it continues, it would be a disaster for the island.
We are getting thousands and thousands of professionals, very highly-trained people, from Puerto Rico who are now living in Florida, and who have obviously contributed a lot to this state, but the island is losing that population.
I think crisis starts with the government of Puerto Rico. It has to take measures to solve the fiscal problems that it has, which are very serious. It's very basic: it's the same thing that is happening in Washington.
I'm always talking about the issue of Puerto Rico.I also spoke about it on the Senate floor, and I think it should be given the importance, the priority it deserves.
Puerto Rico is a government that is spending money that it doesn't have. What's coming in and what's going out don't match. That is, what they are receiving in taxes is not sufficient to cover the spending that they are taking on. And any entity that does that, whether a family, a business, a government, is going to go broke and bankrupt. They are asking to be given the right to declare bankruptcy, which I think should be an option, as a last resort, if there is no other resource.
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