Republicans, Obama Administration Reach Agreement on Puerto Rico Restructuring Bill

House Republicans reached an agreement with the Obama administration to provide Puerto Rico a path to restructure its $70 billion debt load, the first step toward ending its decadelong recession.

With nearly all other details ironed out, disagreements had remained over how to handle appointments to a seven-member board designed to oversee the island’s finances. Lawmakers reached a compromise late Wednesday over a previous sticking point about how to respect the territory’s constitutional priorities governing bond and pension payments.