san juan u.s. treasury secretary jack lew wednesday say obama administration ready could help debt-ridden puerto rico congress could deliver truly effective change lew speak san juan meet island governor alejandro garcia padilla well business labor leaders last week urge congress urgently pass legislation end march help island struggle 70 billion debt call legislation allow puerto rico restructure debts pair independent fiscal oversight leave stone unturned look things administratively use convene authority ... help solve problems lew say press brief wednesday morning use tool still effective congressional action time congress act now puerto rico begin default bond issue negotiate creditors restructure borrow face lawsuit bond insurers back debt extend chapter puerto rico currently ability put public agencies bankruptcy long debate democrats generally supportive proposals number republicans show skepticism lew reiterate would federal bailout say puerto rico able find path insolvency back growth unless creditors make sacrifice orderly restructure still stress treasury could speak reporters late wednesday lew say treasury bolster team dedicate puerto rico provide technical assistance issue revenue collection treasury team part broad administration-wide effort jointly lead white house say lew add restructure could also help puerto rican retire island main pension face roughly 45 billion unfunded liability stand deplete 2019 come comprehensive restructure think pensioners could end security right lew say legislative solution could also include introduce control board island lew say oversight would do way respectful puerto rico system self-government u.s. treasury secretary urge congress act puerto rico