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Treasury Secretary Jack Lew to Visit Puerto Rico

As Puerto Rico continues to defauly on over $70 billion of debt, Treasury Secretary Jack Lew is pressuring Congress to pass a resolution.
Image: Puerto Rico Struggles With Impending Debt Crisis
SAN JUAN, PUERTO RICO - NOVEMBER 12: Old San Juan, the center for Puerto Rican tourism, is viewed on November 12, 2013 in San Juan, Puerto Rico. The island territory of the United States, Puerto Rico, is on the brink of a debt crisis as lending has skyrocketed in the last decade as the government has been issuing municipal bonds. Market analysts have rated those bonds as junk and suspect it's 70 billion dollar debt might be unserviceable in the near future. With no industry other than tourism and the recent collapse of the real estate market, the way out is unclear. (Photo by Christopher Gregory/Getty Images)) / Getty Images

In a letter to congressional leaders, U.S. Treasury Secretary Jack Lew urged Congress to pass legislation to help Puerto Rico grapple with its more than $70 billion in debt.

Lew said he will visit Puerto Rico next week to meet with government officials to learn more about how they are trying to balance the budget. In the letter, he outlined how the Puerto Rican government is managing its money and the toll it has been taking on the 3.5 million Americans on the island.

“Puerto Rico is already in default. It is shifting funds from one creditor to pay another and has stopped payment altogether on several of its debts,” he wrote in a letter to House Speaker Paul Ryan that was also sent to Senate leaders. "As predicted, creditors are filing lawsuits."

The Puerto Rican government has been trying to pay back creditors by borrowing from state insurance funds, draining pension plans and withholding tax refunds to its citizens. Lew directly asked Ryan to push Congress to pass legislation allowing P.R. to restructure its debts before the end of March so President Obama could sign it into law.

Lew said federal legislation would improve health care policies and tackle Puerto Rico’s 12 percent unemployment rate.

“No administrative authority can put an end to this emergency; only Congress can enact the legislative measures necessary to fully resolve this problem,” Lew writes.

Puerto Rico's Resident Commissioner in Washington, D.C., Pedro Pierluisi made a statement after Lew announced his visit, saying he is looking forward to a meeting with the Secretary.

RELATED: Puerto Rico Defaults on Debt for First Time

“Today, Secretary Lew sent a letter to the top two leaders in the U.S. House and U.S. Senate to underscore the urgency of swift congressional action,” he said. “I want to be clear: I am not seeking a hand-out for Puerto Rico, but rather a hand-up. I am not asking for special treatment, but rather for equitable treatment.”

He continued saying U.S. states have the ability to restructure debts, and because Puerto Rico is a territory inhabited by American citizens, they should too.

RELATED: No Debt Relief For Puerto Rico In Spending Bill, Angering Governor

“I am willing to make principled compromises, but Puerto Rico needs reasonable tools and equitable treatment,” Pierluisi said.

Also in the letter, Lew writes that 10 percent of the population has left since 2006, but the exodus has accelerated in 2015. As many as 3,000 people left the island each week in the first half of 2015.

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