In hopes of providing the necessary aid to allay the dire financial situation in Puerto Rico, the House Republicans came up with a draft legislation on Tuesday, March 29. But, it wasn't without an ensuing dissension from the other side of the House fence.

But it's not the typical clash between two opposing parties where there is a lot of animosity from both sides. It's a conflict born out of the struggle to throw the best lifeline possible in an effort to keep Puerto Rico afloat.

The U.S. territory is currently in debt amounting to about $70 billion as it continues to struggle to balance its cash flows over the last decade. The new draft legislation will provide for a restructuring of a portion of the debt where it is deemed necessary.

It also pushes for the creation of a federal oversight board that will look after Puerto Rico's finances, which has been the bone of contention in the House and was heavily opposed by the Puerto Rican officials.

The Democrats Aren't About to Throw Their Support on The Bill Just Yet

While the Democrats have expressed their disapproval of the initial draft, they were also appreciative of the efforts of the GOP lawmakers to bring forth a legislation done in good faith.

"The sweeping powers of the oversight board proposed in Republicans' current discussion draft are far from what Democrats can support," said House Minority Leader Nancy Pelosi, D-Calif., who referred to the bill as something that would result in "undue and undemocratic control" over the U.S. territory.

But, Pelosi also added that the two parties are trying to come up with the best possible solution and address the critical points of the legislation.

Representative Rob Bishop, R-Utah, who is in charge of the drafting procedures as chair of the Natural Resources Committee, said that they are very much open to feedback before they outline the final version in April. "This discussion draft will change," Bishop said. "We are releasing it now to encourage feedback."

The Puerto Rican Government Wasn't Happy About the Proposal

According to House Speaker Paul Ryan, R-Wis., the proposed bill is "thoughtful, comprehensive legislation that gives the U.S. territory the tools it needs to deal with its systemic fiscal and budgeting problems -- without a taxpayer bailout."

But, Gov. Alejandro Garcia Padilla criticized the bill and vowed to oppose its legislation, arguing that what they need is a solution to the fiscal problem without undermining Puerto Rico's democracy.

This was echoed by Senate President Eduard Bhatia. "People who hand over democracy in exchange for economic security end up losing both things," he said "I don't have a problem with a board that advises, that supervises, one with which we can have a discussion. But we will never accept a board that has control over Puerto Rico's affairs."

Related