ARRA News Service
ARRA News Service facebook page  
News for social, fiscal & national security conservatives who believe in God, family & the USA. Upholding the rights granted by God & guaranteed by the U.S. Constitution, traditional family values, "republican" principles / ideals, transparent & limited "smaller" government, free markets, lower taxes, due process of law, liberty & individual freedom. All content approval rests with the ARRA News Service Editor. Opinions are those of the authors. While varied positions are reported, beliefs & principles remain fixed. No revenue is generated for this site - no paid ads accepted - no payments for articles. Fair Use doctrine is posted & used.
Editor/Founder: Bill Smith, Ph.D. [aka: OzarkGuru & 2010 AFP National Blogger of the Year]
Contact: editor@arranewsservice.com (Pub. Since July, 2006)
    Home Page

One of the penalties for refusing to participate in politics is that you end up being governed by your inferiors. -- Plato (429-347 BC)

Wednesday, June 29, 2016

Puerto Rico PROMESA Bill Would Be ‘A Big Win For Limited Government Conservatives’

San Juan, Puerto Rico
Not A Single Taxpayer Dime Will Be Spent On Paying Puerto Rico’s Debt’

SEN. MITCH MCCONNELL (R-KY): “Today we have an opportunity to help the Puerto Rican people in the face of this crisis and prevent a taxpayer bailout by passing the responsible, bipartisan bill before us. This bill won’t cost the taxpayers a dime. What it will do is help Puerto Rico restructure its financial obligations and provide much-needed oversight to put into place reforms.” (Sen. McConnell, Floor Remarks, 6/29/16)

SEN. MARCO RUBIO (R-FL): ‘With PROMESA, not a single taxpayer dime will be spent on paying Puerto Rico’s debt’ “The Puerto Rico Oversight Management and Economic Stability Act (PROMESA) is an appropriate first step by Congress to deal with this calamity. The bill would create a fiscal oversight board to help fix the mess, ensure that bondholders’ rights are protected and make sure a taxpayer bailout does not happen. …most importantly, with PROMESA, not a single taxpayer dime will be spent on paying Puerto Rico’s debt.” (Sen. Rubio, Op-Ed, “Helping Puerto Rico Without A Bailout,” Florida Today, 6/28/16)

CONSERVATIVES: ‘PROMESA … Is The Fiscally Responsible Solution To The Island’s Debt Crisis’

GROVER NORQUIST: “The Puerto Rico Oversight, Management, and Economic Stability Act (PROMESA), H.R. 5278, is the fiscally responsible solution to the island’s debt crisis. … Congress needs to step in now; otherwise, a huge taxpayer bailout is the likely outcome. PROMESA is the best, most fiscally responsible way to prevent a bailout from occurring.” (“PROMESA Is the Way Forward for Puerto Rico,” National Review, 5/26/16)

AMERICANS FOR TAX REFORM: “PROMESA contains no federal bailout and does not leave taxpayers on the hook... In fact, even expenses for setting up and operating the Oversight Board will come from Puerto Rico, not federal taxpayers.” (“PROMESA Contains No Bailout, No ‘Super Chapter 9,’” Americans for Tax Reform Website, 4/19/2016)
DOUGLAS HOLTZ-EAKIN: ‘PROMESA… addresses the crisis without a dime of taxpayer money. No bailout.’ “On addressing the debt burden, the Puerto Rico Oversight, Management and Economic Stability Act (PROMESA) features a voluntary-first debt workout that respects the priority of creditors and asks all key stakeholders to contribute to solving the burden problem. It creates a strong control board that has the authority to rationalize the Puerto Rico budget and put it on a sustainable path. And it augments these reforms with regulatory and labor market laws to enhance the capacity of the island to grow. In short, it addresses the crisis without a dime of taxpayer money. No bailout.” (“The Daily Dish,” American Action Forum, 5/5/16)

STEPHEN MOORE & ART LAFFER: “The Republican plan that has the support of House Speaker Paul D. Ryan, would create a strong financial oversight board to take control of the government’s finances, taxes and budgeting decisions. This is an absolute must because the government in San Juan has proven itself incapable of governing. We know this model works. In the 1990s it helped save Washington, D.C. during its darkest hours of financial troubles. Now the city is booming.” (Op-Ed, “How To Turn Puerto Rico Into Hong Kong,” Washington Times, 5/1/16)

COUNCIL FOR CITIZENS AGAINST GOVERNMENT WASTE: “This legislation creates an essential mechanism to thwart a taxpayer bailout of Puerto Rico’s fiscal failures. . . . The legislation provides reforms that will allow the territory to fulfill its debt obligations responsibly and efficiently. It will also help the citizens of Puerto Rico prosper from a growing economy. The bill is designed to address problems related solely to Puerto Rico and will not have any impact on existing bankruptcy provisions that govern states or their municipalities.” (Council for Citizens Against Government Waste, Press Release, 4/19/2016)

AMERICANS FOR TAX REFORM & THE R STREET INSTITUTE: “The bill has been strengthened, and currently represents Puerto Rico’s best chance to return solid fiscal footing. It is now the Senate’s turn. By voting for passage, Senators will fulfill their obligation under the Constitution to ‘make all the needful rules’ regarding the territories.” (ATR And R Street Institute, Letter to Senators, 6/21/2016)
  • “While this oversight control is the required first step toward abating Puerto Rico’s crisis, PROMESA also enacts several immediate pro-growth reforms, including altering the island’s unemployment generating minimum wage requirements and overtime regulations, and putting a plan in place for infrastructure improvements.” (ATR And R Street Institute, Letter To Senators, 6/21/2016)
  • “PROMESA lays out a process to ensure the island’s creditors are treated justly during any future debt restructuring. It encourages voluntary restructuring, requires the Oversight Board to ‘respect the relative lawful priorities’ of the various debt classes, and distinguishes between debt obligations and pensions.” (ATR And R Street Institute, Letter To Senators, 6/21/2016)
RYAN ELLIS, CONSERVATIVE REFORM NETWORK: “In many ways, the bill is a big win for limited government conservatives. It has no taxpayer bailout of Puerto Rico–not a single dime of taxpayer money is sent down there. Rather, Puerto Rico will have to work their own way out of $72 billion in debt and defaults. They will be helped by an ‘oversight board’ majority-appointed by Speaker Paul D. Ryan and Senate Majority Leader Mitch McConnell.” (Ryan Ellis, “Puerto Rico Reform Bill Is A Conservative Win, But It Needs Pro-Growth Tax Reform,” Forbes.com, 5/24/2016)
NATIONAL TAXPAYERS UNION: “The current version of PROMESA … contains many elements worth supporting... [T]he oversight entity must also ‘respect lawful priorities or lawful liens’ as outlined in Puerto Rico’s constitution. Furthermore, more robust provisions have been added to guard against employing the full faith and credit of the United States on Puerto Rico’s behalf.” (Pete Sepp, President, National Taxpayers Union, “An Open Letter To The U.S. Senate: NTU’s Views On The PROMESA Vote,” 6/29/2016)

EDITORIALS: PROMESA ‘An Example Of Conservative Reform In Action’

THE WALL STREET JOURNAL: “[T]he Republican Congress is using conservative principles to solve an urgent problem caused by progressive government... [T]he overall bill steers the commonwealth in the direction of free-market reforms and fiscal discipline after years of welfare-state politics.” (Editorial, “Puerto Rico Breakthrough,” The Wall Street Journal, 5/23/2016)
NATIONAL REVIEW ONLINE: “If orderly procedures are not instituted to determine how much of a haircut various creditors will take, we run the risk of a humanitarian crisis on the island or a taxpayer bailout... [T]he imperative here should be to enact a law that reduces the likelihood of a bailout. The House Republican bill does that.” (Editorial, “The Puerto Rico Debt Bill Is a Good Start,” National Review Online, 4/20/2016)

THE WASHINGTON POST: “[The bill] would put a temporary halt to lawsuits by creditors and put an oversight board, appointed on a bipartisan basis by Congress and the president, in charge of Puerto Rico’s finances. . . [N]ow the referee will be an impartial panel of experts armed with a reliable audit of the island’s obligations.” (Editorial, “Much-Needed Relief For Debt-Ridden Puerto Rico,” The Washington Post, 5/19/2016)
  • “Puerto Rico’s governor protested an ‘attack [on] our self-government,’ which is actually a reassuring sign the measure has teeth, much like the rescue plan for the District, upon which it is modeled. The District’s current prosperity is due in no small part to that plan’s success in resolving its fiscal crisis two decades ago. With any luck, Puerto Rico will find a road to a similar recovery, starting with passage of this bill.” (Editorial, “Much-Needed Relief For Debt-Ridden Puerto Rico,” The Washington Post, 5/19/2016)

Tags: Puerto Rico Bill, PROMESA, Big Win. Limited Government Conservatives To share or post to your site, click on "Post Link". Please mention / link to the ARRA News Service. and "Like" Facebook Page - Thanks!
Posted by Bill Smith at 3:00 PM - Post Link

0 Comments:

Post a Comment

<< Home



national debt
Don't miss anything!
Subscribe to the
ARRA News Service
It's FREE & No Ads!

You Receive One Email Each Morning
With Prior Days Articles / Toons / More


Also, Join us at:
Facebook.com/ARRANewsService


Recent Posts:
Personal Tweets by the editor:
Dr. Bill - OzarkGuru
Married 48yr #Conservative #Constitution #NRALife #GunRights #USAF 22yr #military #veteran #Christian #CCOT #ProLife #TEAParty #GOP #TCOT #SGP #schoolchoice



Action Links!
Arkansas State Senators
AR State Representatives
Arkansas Governor Office
Arkansas Attorney General
Bankrupting America
US House of Representatives
US Senators
Family Research Council
GrassFire
NumbersUSA
Ballotpedia
Judgepedia
Sunshine Review


Facebook Accts - Dr. Bill Smith
Pages:
ARRA News Service
Arkansans Against Big Government
Alley-White Am. Legion #52
Baxter County Republicans, AR
Catholics & Protestants United Against Discrimination
End Taxpayer Funding of NPR
Overturn Roe V. Wade
Prolife Soldiers
Project Wildfire
Republican Liberty Caucus of Arkansas
The Gold Standard
Twin Lakes Republican Women
US Atty Gen Loretta Lynch, aka Eric Holder, Must Go
Veterans for Sarah Palin
Why Vote for Hillary (Satire)
FB Groups:
Arkansas For Sarah Palin
Arkansas Conservative Caucus
Arkansas County Tea Party
Arkansans' Discussion Group on National Issues
Blogs for Borders
Conservative Solutions
Conservative Voices
Defend Marriage -- Arkansas
FairTax
FairTax Nation
Arkansas for FairTax
Friends of the TEA Party in Arkansas
Freedom Roundtable
Let's Mine AR Lignite NOW!
Personhood Initiative
Pro-Life Rocks - Arkansas
Republican Network
Republican Liberty Caucus of AR
Reject the U.N.

Patriots
Exchange
Links

Links to ARRA News
A Patriotic Nurse
Agora Associates
a12iggymom's Blog
America, You Asked For It!
Americans for a Free Republic
America's Best Choice
America's Whatchtower
An Ol’ Broad’s Ramblings
AR Republican Assembly
ARRA Twitter
As A Matter of Fact
As The Crackerhead Crumbles
Baaad Media!
Baxter Co. GOP Assembly
Baxter County Republicans
Benton Co. GOP Assembly
Black & Right
Blogs For Borders
Blogs for Palin
Blow the Trumpet Ministry
Boot Berryism
Cap'n Bob & the Damsel
Chicago Ray Report
Chuck Baldwin - links
Citizen Pamphleteer
Common Cents
Conservative Hideout
Conservative Observer AZ
Conservative Voices
Conway Real Deal
Defeat Obama's Agenda
Diana's Corner
eGOP News
Florida Pundit
Franklin Online Outreach
Free Zone Media Center
For God and Liberty
Garland County Republicans
Greater Fitchburg For Life
Guns and Religion
Lasting Liberty Blog
Liberal Isn't Amy
Liberty's Lifeline
Maggie's Notebook
Marathon Pundit
Monkey in the Middle
NASA Satellites
No Runny Eggs
Okie Campaigns
Our Voices Arkansas
Patriot's Corner
ProLifeBlogs
Publius Forum
Randy's Roundtable
Real Debate Wisconsin
Religion and Morality
Right on Issues that Matter
Right Reason
Rocking on the Right Side
Saber Point
Saline Watchdog
Secure Arkansas
Sentry Journal
Teresamerica
Stop Obama Satire & Cartoons
The Arkansas Patriot
The Audacity of Logic
The Blue Eye View
The Bobo Files
The Born Again Americans
TEA Party Cartoons
The Conservative Citizen
The Foxhole | Unapologetic Patriot
The Liberty Republican
The Lid
The Looking Spoon
The Maritime Sentry
The O Word
The Path to Tyranny Blog
The Real Polichick
TOTUS
Truth About Obamacare
Twitter @ARRA
Warning Signs
Women's Prayer & Action
WyBlog

Editor's Managed Twitter Accounts
Twitter Dr. Bill Smith @arra
Twitter Arkansas @GOPNetwork
Twitter @BootBerryism
Twitter @SovereignAllies
Twitter @FairTaxNation


Editor's Recommended Orgs
American Committment
American Enterprise Institute
American Family Business Institute
Americans for Limited Government
Americans for Prosperity
Americans for Tax Reform
American Security Council Fdn
AR Faith & Ethics Council
Arkansas Policy Foundation
Ayn Rand Institute
Bill of Rights Institute
Campaign for Working Families
Center for Individual Freedom
Center for Immigration Studies
Center for Just Society
Center for Freedom & Prosperity
Citizens Against Gov't Waste
Citizens in Charge Foundstion
Coalition for the Future American Worker
Competitive Enterprise Institute
Concerned Veterans for America
Concerned Women for America
Curtis Coleman Institute for Constitutional Policy
Declaration of Am. Renewal
Eagle Forum
FairTax
Family Research Council
Family Security Matters
Franklin Center for Gov't & Public Integrity
Gingrich Productions
Global Incident Map
Great Americans
Gold Standard 2012 Project
Gun Owners of America (GOA)
David Horowitz Freedom Center
Institute For Justice
Institute for Truth in Accounting
Judicial Watch
Less Government
Media Reseach Center
National Center for Policy Analysis
National Right To Work Foundation
National Rifle Association (NRA)
National Rifle Association (NRA-ILA)
News Busters
O'Bluejacket's Patriotic Flicks
Open Secrets
Presidential Prayer Team
Religious Freedom Coalition
Renew America
Ron Paul Institute
State Policy Network
Tax Foundation
Tax Policy Center
The Club for Growth
The Federalist Today
The Gold Standard Now
The Heritage Foundation
The Leadership Institute
Union Facts



Blogs For Borders

Reject the United Nations

Adopt Our Troops in Prayer


Thousands of Deadly Islamic Terror Attacks Since 9/11

FairTax Nation on FaceBook
Friends of Israel
Blog Feeds
Syndicated - Get the ARRA News Service feed Syndicated!
ARRA Blog Feed

Add to Google Reader or Homepage

Add to netvibes

Add to Bitty Brouser

Add to The Free Dictionary

Powered by Blogger

Politics Blogs
Politics blog


  • How To Exchange Links!
  • Comments by contributing authors or other sources do not necessarily reflect the position the editor, other contributing authors, sources, readers, or commenters. No contributors, or editors are paid for articles, images, cartoons, etc. While having reported on and promoting the beliefs associated with the ARRA, this blog/site is not controlled by nor funded by the ARRA. This site/blog does not advertise for money or services nor does it solicit funding for its support.
  • Fair Use: This site/blog may contain copyrighted material the use of which has not been specifically authorized by the copyright owner. Such material is made available to advance understanding of political, human rights, economic, democracy, and social justice issues, etc. This constitutes a 'fair use' of such copyrighted material as provided for in section Title 17 U.S.C. Section 107 of the US Copyright Law. Per said section, the material on this site/blog is distributed without profit to readers to view for the expressed purpose of viewing the included information for research, educational, or satirical purposes. Any person/entity seeking to use copyrighted material shared on this site/blog for purposes that go beyond "fair use," must obtain permission from the copyright owner.
  • © 2006 - 2016 ARRA News Service
Creative Commons License
Creative Commons Attribution Noncommercial Share Alike 3.0 Unported License.