On Thursday, June 9th, the House of Representatives passed the Puerto Rico bailout bill 297 – 127. In total, 139 Republicans supported the bill, with 103 opposing. The bill passed with Democrat votes (158 in favor), and was nearly without any conservative support.
What this bill represents should worry every voter.
The legislation first establishes a fiscal oversight board. This board will be created by Washington and will have near imperial powers over the island’s governance, particularly its finances (yes, these Washington bureaucrats can raise taxes on Puerto Rico by fiat).
Equally as troubling, the bill allows the Oversight Board to restructure the island’s debt without the consent of the creditors. In other words, the bill provides Puerto Rico with bankruptcy-like powers that have otherwise been found unconstitutional.
Make no mistake about it, the ability to restructure the debt is nothing less than a bailout. Instead of Puerto Rico declaring default or working with the creditors, the oversight board will be able to implement legally unbounded decisions to force payment cuts upon creditors.
But it gets worse. The bill also allows for “transparent” cronyism. As we explained, the oversight board receives no funding from Congress, nor do the board members receive pay. Instead, it is expected to operate on payments from Puerto Rico – the same government that is completely broke. Without the financial assistance from Puerto Rico, the oversight board will be permitted to accept gifts. Yes, the board that will have near imperial powers over the island’s bonds, contracts, and pension may accept publicly provided gifts (bribes?) from the very people they will impact.
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How did your member of Congress vote?
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And the House approves another BAILOUT- this time #PuertoRico https://t.co/EbLl3s9kLQ
— Conservative Review (@CR) June 10, 2016
The precedent is now set a giant leap from City bailout’s to Territory bail out to the next giant step a State bailout, most likely will go to California, then every foolishly run liberal blue State will start lining up.
The GOP needs to go NOW, it continues to prove useless as an opposition party, it is in fact the primary enemy of our constitutional republic, even more so then the socialist democrats as they do not hide their agenda or pretend to care for freedom.
As Per Usual I’m Just Venting… It is frustrating not being able to communicate something that everyone here doesn’t already know. There is precious little news that is not wholly predictable or surprising.
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