WASHINGTON, May 2 (Reuters) - The White House said on Monday it hopes a deal between Puerto Rico and its creditors to discuss restructuring the U.S. territory’s debts will press Congress to act to give the island badly needed restructuring authority.
“I sure hope it creates a new sense of urgency for Congress to address this situation,” White House spokesman Josh Earnest told a briefing.
“This situation requires an urgent response and Republicans in Congress have been dragging their feet for too long,” he added.
Puerto Rico’s Government Development Bank had announced plans to skip the bulk of a $422 million debt payment ahead of the agreement with creditors to continue to negotiate the restructuring.
Reporting by Roberta Rampton; Writing by David Alexander; Editing by Nick Zieminski