Puerto Rico rescue bill easily passes Senate

The U.S. Senate yesterday sent President Barack Obama a bill designed to help Puerto Rico get out of a $70 billion debt burden.

Obama is expected to sign it quickly.

Puerto Rico owes creditors nearly $2 billion in a bill due tomorrow. However, it doesn't have the money to pay.

The bill passed by Congress doesn't give the island money. Rather, it prevents bondholders from filing more lawsuits. It also installs a fiscal oversight board to come up with a plan to solve the crisis.

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