Congress unlikely to act on Puerto Rico ahead of deadline

WASHINGTON (AP) – Congress is looking increasingly unlikely to take action to help Puerto Rico ahead of a May 1 deadline for the commonwealth to default on its ballooning debt.

A GOP-led House committee has yet to reschedule a vote on a bill to help Puerto Rico restructure its debt. The legislation has run into election-year opposition from all sides. Conservatives are suspicious it would open the door to a bailout and Democrats are balking at provisions added to sweeten the deal for conservatives.

With the bill still undergoing revisions, committee action is unlikely before next week at earliest. That makes final passage through the House and the Senate all but impossible before month’s end.

A key committee chairman says blowing the deadline could help lawmakers reach a deal by underscoring the urgency to act.