new york puerto rico subject two u.s. house representatives hear feb. 25 u.s. treasury secretary counselor antonio weiss sole witness one pedro pierluisi island non-voting representative congress say statement thursday follow hear pierluisi say expect draft process would begin earnest legislation island would involve negotiations republicans plan bring bill address puerto rico debt crisis floor house end march first hear next thursday examine impact puerto rico fiscal crisis bond market subcommittee house committee financial service second examine treasury analysis island full committee hear house natural resources committee accord pierluisi statement puerto rico around 70 billion debt try solve fiscal crisis substantial debt payments come due may july already default debt try persuade creditors take concessions treasury 's weiss witness house puerto rico hear official