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Puerto Rico is facing a debt crisis -- now there are calls for the US to bail them out

Chris Salcedo
dennisvdw/ Getty Images

Puerto Rico is seriously in debt. Senator Bernie Sanders (I-Vt.) has previously asked Congress to set aside the $70-90 billion owed. $74 billion of that amount is owed to bondholders.

The 53rd governor of New York, George Pataki, now serves as senior adviser to the ad hoc group of Puerto Rico General Obligation Bondholders. He is trying to ensure that Puerto Rico lives up to its constitutional obligations in solving the territory’s debt crisis.

“Irresponsible is a kind word,” Pataki told Chris Salcedo on today’s “Chris Salcedo Show,” blaming “tax and spend and borrow leftists who really have destroyed the finances of Puerto Rico.” He warned that a bailout is a mistake, setting a precedent of ignoring the rule of law set for other communities.

He said the Puerto Rican constitution guarantees that debt from General Obligation bonds is supposed to be addressed and resolved first. Pataki felt it has been put behind other concerns and additional spending on non-essential services, “ignoring their own state constitution.”

They have “stood the constitution on its head,” he added.

To see more from Chris, visit his channel onTheBlaze and listen live to “The Chris Salcedo Show” weekdays 3–5 p.m. ET, only on TheBlaze Radio Network.

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