U.S. Senate Republicans presented a bill that would allocate $3 billion in federal assistance to help dig Puerto Rico out of its massive $72 billion debt crisis.

On Wednesday, the GOP blocked a Democratic effort to pass legislation that would have provided Puerto Rico access to file for Chapter 9 bankruptcy, which is granted to all 50 U.S. states, reports The Hill.

As an alternative to the bankruptcy bill, three Republican Senators -- Orrin Hatch, Chuck Grassley and Lisa Murkowski -- unveiled legislation that would offer Puerto Rico some fiscal relief without granting the U.S. territory with bankruptcy protection. Instead, the bill proposes to give workers tax breaks for the next five years in hopes that residents would invest the extra pocket money back into the economy. The bill also requires financial oversight to help the island reach financial and economic stability, according to a statement from Hatch's office, via Reuters.

According to Grassley, "Puerto Rico's fiscal problems are the result of too much government spending and mismanagement." In turn, the bill aims to "help ease the current liquidity crisis while creating a path that can lead Puerto Rico back to long-term fiscal responsibility," he said.

Under the plan, the $3 billion in federal funds would be offset by tapping into a $12 billion public-health fund created under the Affordable Care Act, reports The New York Times.

"Consistent with the views of Congress and the administration that there will be no 'bailout' of Puerto Rico," said a bill summary, "the full faith and credit of the United States is not pledged for the payment of debt obligations issued by the authority."

Furthermore, the bill also called for Puerto Rico, along with all of the states, to disclose the financial conditions of their pension systems for government workers for the first time.