XPost: alt.fan.sean-hannity, talk.politics.misc, alt.politics.democrats   
   From: daily.mexican@gazette.com   
      
   SAN JUAN, PUERTO RICO (AP) –  Puerto Rico's governor confirmed   
   Wednesday that his administration recently pursued a proposal to   
   request that the U.S. Congress allow the island's heavily   
   indebted government to declare bankruptcy amid an economic   
   crisis.   
      
   Gov. Alejandro García Padilla's public acknowledgement of the   
   proposal comes as the U.S. territory struggles with $72 billion   
   in public debt amid a nearly decade-long economic slump.   
      
   García said he has since rejected the proposal in favor of the   
   current push to get rules that would allow only Puerto Rico's   
   public agencies to file for bankruptcy under Chapter 9. A U.S.   
   House committee is studying the issue amid growing concerns   
   about the government's ability to repay its debt.   
      
   Declaring complete bankruptcy for the whole island government   
   would not have been good for Puerto Rico, García said.   
      
   "It's not something that's being considered right now," he said.   
   "It would have been less than impossible to obtain approval for   
   such a measure, but we have to be responsible and evaluate   
   everything that's on the table."   
      
   Pedro Pierluisi, Puerto Rico's representative in Congress,   
   criticized García for pursuing such a proposal in private.   
      
   "It's an irresponsible move that greatly damages Puerto Rico's   
   image before Congress and the financial markets," Pierluisi said.   
      
   García returned last weekend from an official trip to   
   Washington, where he met with U.S. legislators to talk about the   
   Chapter 9 bankruptcy proposal and other issues.   
      
   Puerto Rico's Government Development Bank, which oversees the   
   island's debt transactions, has warned that the government could   
   have to shut down in the coming months if new measures to   
   generate revenue are not taken.   
      
   García recently signed a bill to increase the island's sales tax   
   from 7 percent to 11.5 percent and to create a new 4 percent tax   
   on professional services. The sales tax increase goes into   
   effect July 1 and the new services tax on Oct. 1, with a   
   transition to a value-added tax by April 1.   
      
   Legislators are now debating a proposed $9.8 billion budget that   
   calls for $674 million in cuts and sets aside $1.5 billion to   
   help pay off Puerto Rico's debt. The budget has to be approved   
   by June 30.   
      
   http://latino.foxnews.com/latino/money/2015/06/18/puerto-rico-   
   governor-says-explored-possibility-declaring-island-   
   bankrupt/?intcmp=obinsite   
       
      
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