The government of Puerto Rico is broke. It now has multiple defaults on its record, most recently for $367 million in May. More and bigger defaults are on the way, probably beginning July 1. It’s already June 22.

The U.S. Senate should pass the U.S. House’s Puerto Rico bill now.

The House approved the bill by a wide margin, after a long and thorough bipartisan discussions that included sensible compromises and ultimate agreement between the administration and the legislators. The bill gets all the essential points right. These are:

Of course, any complex set of legislative provisions can give rise to arguments and possibly endless debates about details. That would be a big mistake.

It’s time to enact the bill and get the essentials in place as soon as possible.

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