washington/san juan u.s. congress drag feet bill address puerto rico 70 billion debt crisis could get kick high gear unlikely source supreme court high u.s. court due rule end june validity puerto rico law would allow u.s. territory restructure chunk debt issue public agencies 20 billion bankruptcy-like process court fight play republican-led congress grapple legislation lawmakers hope prevent need bailout territory 3.5 million u.s. citizens legislation expect put puerto rico finance federal oversight control board let caribbean island cut debt bankruptcy-like restructure process would preempt recovery act local restructure law throw u.s. court puerto rico ask supreme court reinstate puerto rico cover federal bankruptcy laws u.s. cities public agencies use u.s. lawmakers view legislation way keep debt crisis worsen draft bill laborious bondholders include u.s. hedge fund republicans seek ensure creditors get pay much possible owe congressional democrats obama administration puerto rico try prevent austerity could threaten service island early draft bill house representatives natural resources committee never make vote panel wednesday delay unveil late draft cite need number refinements republicans oppose inclusion cram-down provision would let puerto rico impose debt cut creditors agree supreme court decision puerto rico law could come soon monday rule could change political dynamics republicans resurrect law view even less palatable congressional bill accord congressional source experts follow debate many creditors lobby conservatives congress oppose legislation know puerto rico oversight management economic stability act promesa would prefer keep debt-restructuring talk bankruptcy court least avoid cram-down normal course business entitle full repayment bankruptcy proceed could legally make accept discount supreme court reinstate recovery act congressional legislation might seem bad creditors comparison say melissa jacoby university north carolina school law bankruptcy expert professor might alter lobby landscape jacoby say puerto rico already default debt recently bulk 422 million payment owe primary government bank recovery act revive would let island restructure debt public utilities like power authority prepa water authority prasa though island legislature could try expand cover debts jacoby say supreme court march 22 oral arguments indicate justices could uphold law rule could prompt creditors republican lawmakers embrace need pass promesa bill legislation expect carry bondholder protections recovery act require attempt consensual restructure talk condition debt cut players block congressional legislation sudden encourage republican majority pass legislation supreme court revive recovery act say democratic house aide speak condition anonymity island moment truth could strike june 30. date supreme court expect rule day puerto rico face 1.9 billion debt payment governor say afford congress aim pass legislation address puerto rico crisis payment steny hoyer second-ranking house democrat tell reuters high court rule could effect promesa draft process depend supreme court say puerto rican authority whatever need do source close major creditors say rule reinstate recovery act could encourage congress pass legislation different reason creditors would keep litigate different aspects law perpetuate puerto rico economic uncertainty parish braden spokesman house national resources committee republicans say congress ultimately must act regardless supreme court ball already congress court braden say u.s. high court could spur congress puerto rico debt crisis