washington u.s. senate give solid approval wednesday relief plan help puerto rico address 70 billion debt send measure president obama sign law ahead possible default u.s. territory next debt payment measure pass senate vote 68-30 president obama say statement look forward sign bill law house representatives already approve bill bill perfect critical first step toward economic recovery restore hope millions americans call puerto rico home obama say legislation would create federal oversight board appoint washington power restructure puerto rico unmanageable debt load bill provide stay halt litigation bring puerto rican government debt issue agencies retroactive december provide breathe room board start process restructure oversee sustainable budget process friday puerto rico face potential default chunk debt make 1.9 billion worth payments puerto rico governor alejandro garcia padilla say island default debt supporters say intervention washington lawmakers necessary help island 3.5 million u.s. citizens avert descent chaos u.s. treasury secretary jack lew tuesday puerto rico wait months congress act economic crisis worsen already default debt caribbean island territory reel 45 percent poverty rate well steady flow migration u.s. mainland shrink tax base shutter essential service addition suffer zika virus outbreak hurt critical tourism industry many puerto ricans leery propose oversight board fear could usurp island government place investors concern local priorities puerto rico benchmark 2035 general obligation bond rise full point price ahead final vote trade 66.75 point push yield 12.663 percent passage puerto rico oversight management economic stability act promesa come leaders political party warn failure approve legislation could lead u.s. taxpayer-funded bailout best possibly action take help puerto rico senate majority leader mitch mcconnell republican say nothing ... sure route taxpayer fund bailout puerto rico humanitarian crisis people mcconnell say senate democratic leader harry reid say share concern many democrats excessive power appointment structure oversight board unhappy labor provision reid say vote passage puerto rico need help friday otherwise ... turn hedge fund sue death say seven member board appoint president obama recommendations give party leaders house senate suppose place sept. 2016. neither political party entirely happy fix democrats bridle republican provision might low minimum wage young workers weaken overtime pay rule republicans concern bill could amount bailout island set precedent state fiscal trouble seek similar arrangement say territory receive unprecedented authority congress state ask republican senator chuck grassley iowa legislation gear toward u.s. territories puerto rico cover current u.s. bankruptcy law chapter 9. democratic senator robert menendez new jersey oppose measure argue friday arbitrary deadline action excuse flaw bill vote bill vote authorize unelected unchecked powerful control board determine puerto rico destiny generation menendez declare senators include vermont independent bernie sanders criticize estimate 370 million cost legislation five years complain puerto rico get stick tab struggle reduce debt sanders blast colonialism bad non-partisan congressional budget office issue estimate say 350 million total would primarily cover fee legal financial consultants hire restructure puerto rico debt senate pass puerto rico debt bill send obama