By Maricarmen Rivera, Associated Press
SAN JUAN, Puerto Rico — A spiraling Puerto Rico debt crisis reached a new milestone as the island missed nearly $370 million on a bond payment Monday and officials warned of worse to come if the U.S. Congress doesn't help it dig out from a mountain of debt.
The default was the largest in a series of missed payments by the struggling U.S. territory since last year and Gov. Alejandro Garcia Padilla warned it was unlikely to be the last.
Puerto Rico has payments totaling nearly $2 billion coming due on July 1, including about $700 million in general obligation bonds that are supposed to be guaranteed under the island's constitution. In an ominous warning directed at Congress and creditors that include U.S. hedge funds, Garcia said the outlook for the next payment is bleak.
NO! You got yourself in this situation now bail yourself out! This will set a precedent for other State Bailouts in California and Illinois to begin with and should NOT be considered!