President Donald Trump vowed that Puerto Rico would get debt relief as part of a package in rebuilding the island. The White House has since backtracked on this promise, saying Puerto Rico will not receive any debt relief according to the New York [Daily News.
“You know they owe a lot of money to your friends on Wall Street. We’re gonna have to wipe that out.”(Click link for video)](“You know they owe a lot of money to your friends on Wall Street. We’re gonna have to wipe that out,”)
President Trump’s apparent promise to bail out Puerto Rico’s astronomical debt has already gone broke. White House budget director Mick Mulvaney said Wednesday that the Trump administration has no intention to relieve Puerto Rico's $70 billion debt, even though the President seemed to suggest he would. “I think what you heard the President say is that Puerto Rico is going to have to figure out a way to solve its debt problem,” Mulvaney told Bloomberg News. “We are not going to pay off those debts. We are not going to bail out those bond holders.”
After Trump made his first visit to the storm-ravaged Puerto Rico on Tuesday, he appeared to say he wanted his government to resolve the island's crushing debt, which led to the U.S. territory declaring a form of bankruptcy this year. “You know they owe a lot of money to your friends on Wall Street. We’re gonna have to wipe that out,” Trump said in a Fox News interview. “I don’t know if it’s Goldman Sachs but whoever it is, you can wave goodbye to that.”