Puerto Rico is in the middle on an ongoing debt crisis and business news networks have sent reporters to cover how the island will cover its $72 billion debt. Fox Business Network’s Adam Shapiro will be reporting live from Puerto Rico through tomorrow.
“A lot of people say Puerto Rico represents a philosophical battle ground to the idea that states can spend more than they take in. I agree,” Shapiro told TVNewser. “Should states like Illinois or New Jersey be allowed to seek protection for the bad fiscal decisions politicians make? Puerto Rico is the test case.”
Meanwhile, CNBC’s Kate Kelly is in San Juan and had Puerto Rico’s sole member of Congress Del. Pedro Pierluisi on today.
“It is the first time in Puerto Rico’s history that the government fails to honor one of its payment obligations,” Pierluisi said. “It is the moral obligation of our government at the very least. Our name, our credit worthiness at stake.”
Check out Kelly’s interview here.