Puerto Rico Likely To Get Chilly Reception In Congress Without Meaningful Sacrifice

Puerto Rico, which could run out of cash by year end, unveiled a debt restructuring plan today that might be most notable for what was missing. While the plan proposed installing new accounting and financial systems, consolidating schools and decreasing tax evasion while increasing revenue capture, all optimistic if relatively painless “solutions,” the real pain appears to have been left out. Puerto Rico plan still has budget gap of nearly $13 billion as KPMG suggestions for tax increases “swept under the rug” The proposal notes that even if all the recommendations are adopted, and their optimistic revenue capture goals are…