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March 18, 2018

US Treasury cuts $4.7 billion relief loan to $2 billion

Puerto Rico’s governor said Tuesday that the U.S. Treasury Department has cut a $4.7 billion disaster relief loan available to the U.S. territory by more than half, and he demanded help from Congress.

Gov. Ricardo Rossello said federal officials reduced the amount to $2 billion without providing an explanation nearly five months after Congress approved the loan. He warned the move puts Puerto Rico in a “dangerous financial dilemma” and that his administration could be forced to cut some essential services as the island continues to struggle after¬†Hurricane Maria.¬† Continue Reading>>>