WASHINGTON - Treasury Secretary Jacob Lew is highlighting the effect Puerto Rico's $70 billion debt crisis is having on the millions of Americans who live there and on the Republican-led Congress' struggle to come up with a solution.
Lew is heading to Puerto Rico on Monday as part of the Obama administration's campaign to pressure Congress to act. House Republicans are expected to announce this week a new version of a bill that would create a control board to help manage the island's debt and oversee some debt restructuring.
The Treasury Department says Lew's trip will underline how the decade-long debt crisis has harmed the health and safety of Puerto Ricans.
The territory missed a nearly $370 million bond payment May 1. The default was the island's largest payment missed so far.