Senator Marco Rubio today reiterated that he’s “open … as a last resort” to granting Puerto Rico legal authority to file a bankruptcy petition, but additionally commented that Puerto Rico must first “undertake some very difficult reforms in the way it operates and funds its government.” With proponents of granting Puerto Rico that authority unsuccessful in including it in the recent omnibus spending bill further efforts will likely involve what Rubio is suggesting; significant fiscal controls and limits on Puerto Rico’s borrowing and spending authority as a condition for bankruptcy.
I spoke with Rubio after a presidential campaign appearance in Rochester, New Hampshire.