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insolvent

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  9. '12
  10. '14
  11. '16

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Occurrences in the Congressional Record

Entry Title Date
Transportation, Housing And Urban Development, And Related Agencies Appropriations Act, 2016—Conference Report June 28, 2016
Richard Blumenthal, D-CT
"On July 1, $2 billion of loans will come due, and Puerto Rico simply lacks the resources to pay those debts. It is insolvent, so far as those debts are concerned. If the Bankruptcy Code applied, it could seek relief from its creditors and prevent the race to the courthouse and the enormous litigation costs and other expenses that will ensue."
Commerce, Justice, Science, And Related Agencies Appropriations Act, 2016 June 21, 2016
Shelley Capito, R-WV
"If we fail to act, the pension plan will become insolvent, imposing projected liabilities of over $4 billion on the PBGC, known as the Pension Benefit Guaranty Corporation. If we pass the Miners Protection Act, the pension plan will remain in good standing, benefiting taxpayers, beneficiaries, and coal communities."
Financial Institution Bankruptcy Act Of 2016 April 12, 2016
Robert Goodlatte, R-VA
"Mr. Speaker, I move to suspend the rules and pass the bill (H.R. 2947) to amend title 11 of the United States Code in order to facilitate the resolution of an insolvent financial institution in bankruptcy, as amended."
Wasteful Spending February 11, 2016
Daniel Coats, R-IN
"The next time we are back in session, I will be back down here with more. They just keep pouring in. We keep finding these documents, finding this and that. It is unbelievable that we have put ourselves in this situation and the ineffectiveness is out of control. It is no wonder the public no longer trusts us. If we can’t get to this, how can we ever get to the reforms necessary to stop us from becoming insolvent?"
Puerto Rico December 17, 2015
Richard Blumenthal, D-CT
"The people of Puerto Rico are already suffering because of the uncertainty of their financial situation. That uncertainty in turn is already costing them because the borrowing costs are rising as a disorderly default faces them. To simply provide more money is not the answer. There has to be a structure for orderly and planned payment of debts that are due. Right now, Puerto Rico is insolvent. It can’t pay its debts on time, and that is the definition of default. Bankruptcy is not a safety net. It is not a bailout. It is, in fact, a reckoning."

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