Velazquez on Omnibus Spending Bill

Washington, DC –Rep. Nydia M. Velázquez (D-NY) spoke on the floor of the U.S. House of Representatives today regarding the omnibus, year-end spending bill and provisions related to Puerto Rico. The text of her remarks are below and a video clip can be watched here:

“Mr. Speaker, it is unconscionable that the legislation we are considering does nothing to address Puerto Rico’s mounting debt crisis.

“Puerto Rico’s crisis is decades in the making and it stems from years of neglect from this body – the United States Congress. The U.S. Congress brought us to where we are. Now it has a moral responsibility to act -- yet my Republican colleagues are standing in the way.

“Giving Puerto Rico authority to restructure its debts would not cost taxpayers a dime, but it would help solve the fiscal crisis.

“To those who say Puerto Rico needs to cut spending --- I ask you – how much more? The island spends $2,000 less per student than the average spent on the mainland. The government has already closed nearly 100 schools this year, in addition to 60 closures last year.

“Sales taxes are the highest in the United States – and were increased from 7.0 percent to 11.5 percent. The government has laid off 21 percent of its employees since 2008 and the 2016 budget makes further cuts. So Puerto Rico is doing its part to raise revenue and cut expenses.

“Stop playing Russian roulette with the well being of the Puerto Rican people --- American citizens!

“Despite these reforms, Wall Street hedge funds want more. They bought this debt at cheap prices and now they want it all – they are willing to inflict deep suffering on 3.5 million American citizens in order reap massive profits. Sadly, Congressional Republicans decided to side with the hedge funds in constructing this bill.

“Mr. Speaker, the 3.5 Americans living in Puerto Rico are watching. Five million Puerto Ricans who live on the mainland are watching. This is a dark hour. The Governor of Puerto Rico is here (point to him in gallery) and asking you to help those Americans that call the island home.

“And while we are all going home for the holidays, for the 56 percent of the American children in Puerto Rico living in poverty, this omnibus – which fails to help them – is their Christmas present from our Republican colleagues. Instead, let’s show the world real American values – and send this bill back to the drawing board – and give Puerto Rico the help it needs! I yield back.”

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