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 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 Speaker Paul Ryan said in a statement Friday that Republicans want to ensure the bill is the "best, most responsible legislation to tackle Puerto Rico's fiscal crisis while protecting American taxpayers."

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.