Another week-long delay for oversight board bill
At this point we are not sure what to say. The revised draft for HR 4900, PROMESA, is delayed for another week, and contrary to earlier reports, there will not be a markup session on the bill next week.
Bishop’s plan were to hold a markup session next Wednesday, with initial statements the day before. But, now the mark up in the House Committee on Natural Resources will not occur until the week of May 23.
The House has a legislative recess scheduled from May 26 to June 7. With all likelihood, if things advance, voting on the floor of the House cannot happen until the week of June 7.
That would leave the Senate just the remainder of June to consider a bill before the projected massive default of July 1, when a $2 billion payment is due, which includes $744 million of general obligations.
It’s Friday, so go home, and let’s pretend this week did not happen, while hoping next week brings better news for Puerto Rico.