House GOP misses self-imposed deadline to help Puerto Rico

WASHINGTON (AP) — House Republicans have missed a self-imposed deadline for a plan to help Puerto Rico manage $70 billion in debt, adjourning on Friday without introducing a bill.

Legislation was expected this week to create a control board to help manage the U.S. territory's financial obligations and oversee some debt restructuring.

House Natural Resources Committee Chairman Rob Bishop, R-Utah, has led negotiations on the bill and has said he wants bipartisan support The aim is to write legislation that could pass both the House and the Senate before Puerto Rico defaults on a $2 billion debt payment due July 1.

Creditors and some Republicans have expressed concern that they would take a back seat to the pension obligations, while the Obama administration has pushed to make sure that pensions are also a priority.

The bill is also expected to retain provisions to allow the island to lower federal minimum wage requirements for some younger workers and transfer federal land on the island of Vieques to the territory, despite Democratic opposition.