BUDGET/CRISIS/PUERTO RICO: “U.S. President Donald Trump said on Thursday [10-19-17] he will work with the U.S. Congress to approve grants and loans to help rebuild Puerto Rico after it was devastated by Hurricane Maria a month ago.
Speaking with reporters in the Oval Office, Trump did not give any specifics about how much money the government will give to the cash-strapped territory, home to 3.4 million U.S. citizens.
But he emphasized that repayment of federal loans and other storm-related debt owed by Puerto Rico would come before repayment of the island’s existing $72 billion in debt…
A month after the hurricane laid waste to the island’s power grid, destroying homes, roads and other vital infrastructure, the bankrupt territory is struggling to provide basic services like running water, and is in danger of running out of money by the end of the month.
Private sector estimates of the damage run as high as $95 billion.
The Senate is expected to vote in the coming days on an aid package that includes $18.7 billion for the Federal Emergency Management Agency, which has been helping Texas, Florida, Puerto Rico, and the U.S. Virgin Islands recover from three massive hurricanes.”
-Roberta Rampton, “Trump says to work with Congress on more aid for Puerto Rico,” Reuters, Oct. 19, 2017 08:20am