No U.S. Bailout for Puerto Rican Debt, Trump’s Budget Chief Says
- Mulvaney says don’t take Trump’s suggestion on debt literally
- Commonwealth debt sinks to record lows after president speaks
U.S. Budget Chief Says No Puerto Rican Debt Bailout
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President Donald Trump’s budget chief said not to take literally the president’s suggestion that Puerto Rico’s debt would be “wiped out,” even as the territory’s bonds plunged to a record low on Wednesday: 32 cents on the dollar.
"I think what you heard the president say is that Puerto Rico is going to have to figure out a way to solve its debt problem,” Mick Mulvaney, director of the White House budget office, said in an interview Wednesday.