Former Florida Gov. Jeb Bush has said that he supports Puerto Rico filing for bankruptcy in the face of the massive debt the Caribbean island is facing.
When Bush visited Puerto Rico, which is a U.S. territory, on a campaign stop in April, he told a crowd that the public agencies in Puerto Rico should be able to seek bankruptcy under Chapter 9, according to the Puerto Rico Report.
Pedro Pierluisi, who is the island's non-voting member of Congress, has offered a bill in Congress that would allow Puerto Rico the ability to use Chapter 9
to restructure its debt as other states are able to do.
While a state can't file for bankruptcy, municipalities and public agencies can.
"Puerto Rico should be given the same rights as the states," Bush said in April.
Bush said that he also supports allowing Puerto Rico the right to pursue statehood, saying that he thinks it "is the best path."
Puerto Rico is currently facing $72 billion in debts,
which Gov. Alejandro García Padilla says is "not payable." The island is set to release the details of its financial status next week.
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