White House says no federal bailout being considered as Puerto Rico says it can't pay its debt
The White House says it has no plans to bail out Puerto Rico from its debt crisis.
Puerto Rico's governor is warning the island can't pay its $72 billion public debt, raising serious concerns about Puerto Rico's economy.
But White House spokesman Josh Earnest says no one in the White House is considering a federal bailout.
Instead, he says the Obama administration will work with Puerto Rico to identify existing federal resources that can help. He says Treasury Department officials are also working with the island's government.
Earnest says the federal government's help will be similar to what it provided to Detroit.
The Obama administration declined to offer a bailout to Detroit during its financial crisis. Detroit declared bankruptcy in 2013 — the largest municipal bankruptcy in U.S. history.