When is a bailout not a bailout? Let Paul Ryan, who's trying to pass a bailout bill for Puerto Rico explain:
Speaker Paul Ryan (R-Wis.) blasted Wall Street investors on Wednesday as he tried to tamp down conservative discontent with a bill to assist Puerto Rico.
The GOP leader charged that “special money interest groups on Wall Street” are trying to sabotage the legislation by billing it as a “bailout.” ...
But at a hearing Wednesday on the bill, several conservative lawmakers argued the GOP-crafted legislation is effectively a bailout for an island struggling with an ailing economy that is billions of dollars in debt.
Several Republicans expressed concern with allowing the island to renegotiate its debts, and insisted taxpayers would eventually have to foot the bill for Puerto Rican relief.
Meanwhile, Democrats have expressed openness to the bill, but have said they cannot back it without some changes, most notably to the powers of an outside fiscal control board.
So the only difference between the Republicans who want to bail out Puerto Rico and Democrats who want to bail out Puerto Rico is that the Democrats don't want any oversight on the bailout money.
1 comment:
I've always thought it was a good idea to stand over the toilet and make sure everything gets flushed down effectively. There are other people who do otherwise. I'm not sure it makes any difference. In any case, I don't think we have to worry about the Puerto Rico drain getting clogged. It has already proven itself up to the task of wasting hundreds of billions.
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