Jun 13, 2016 Issues: Budget Spending and Taxes

Washington D.C. – Last week, Congressman Walter B. Jones (NC-3) voted against H.R. 5278, the PROMESA Act, a bailout of Puerto Rico. The bill came to the House floor after Washington party leaders on both sides of the political aisle argued that federal intervention was necessary to bail out Puerto Rico, which is no longer able to pay its bills in full after decades of reckless spending.  The bill would replace the existing legal structure for resolving Puerto Rico’s debt obligations with a new framework more to the bankrupt island’s liking.  The PROMESA Act passed the House 297 to 127, and now awaits consideration in the Senate.

“Decades of undisciplined leadership and big spending have bankrupted Puerto Rico,” said Congressman Jones.  “This is their problem, not the federal government’s.  Bailing them out of their bad decisions only serves to encourage other states and territories to engage in the same sort of irresponsible behavior that caused the problems in the first place.”

Congressman Jones has long been a staunch opponent of federal government bailouts, particularly the bailouts of Wall Street and Detroit.