>
Article snippet: The Trump administration requested an additional $4.9 billion in additional emergency funding for Puerto Rico on Tuesday in order to avoid a looming financial crisis on the island, according to Politico. The new emergency aid will bundle into the aid package requested by the White House last week for hurricane aid, bringing its total to nearly $35 million. The office of Management and Budget (OMB) sent the request to House leadership for the additional funding on Tuesday afternoon, which is being reviewed and will likely pass this week, Politico reported. A spokesperson from the office told the news outlet that the money would go toward the government payroll and pensions, which has suffered amid the crisis. Puerto Rico, which was already insolvent and facing massive debts before Hurricane Maria ravaged the island, originally requested a loan of $4 billion. Puerto Rico Gov. Ricardo Rossello sent a letter to leaders in Congress asking for a prompt inflow of cash warning of an incoming "massive liquidity crisis." Estimates place the cost of damage caused by Hurricane Maria between $45 and $90 billion, a cost too great for the territory's weak economy to bear. Puerto Rico is still regaining access to water and electricity after the storm dealt severe damage to its infrastructure and power grid. The Hill 1625 K Street, NW Suite 900 Washington DC 20006 | 202-628-8500 tel | 202-628-8503 fax The contents of this site are ©2017 Capitol Hill Publishing Corp., a sub... Link to the full article to read more