“I look forward to signing the bill into law, and remain committed to working with Congress and the people of Puerto Rico to return to lasting economic growth and opportunity,” Obama said in a statement cited by the White House Twitter page.
He also commended the Senate for passing the bill.
“I commend Democrats and Republicans in the Senate for voting to address the economic crisis in Puerto Rico, providing the support it needs to restructure its debt, safeguard vital public services, and provide protection to public pensions. This bill is not perfect, but it is a critical first step toward economic recovery and restored hope for millions of Americans who call Puerto Rico home,” Obama said.
On Wednesday, the US Senate voted 68-32 for approving the Puerto Rico Oversight, Management, and Economic Stability Act (PROMESA) that will pave the way for restructuring the territory’s debt.
Puerto Rico has been in recession for the past decade as it continued to pile up debt, now estimated at about $72 billion. The territory lacks money to meet a July 1 deadline for the next payment to creditors.