new york/san juan u.s. treasury counselor antonio weiss say thursday without proper restructure regime puerto rico default litigation intensify push congress act legislation help island fix crisis weiss speak house natural resources committee hear island fiscal crisis outline scale problems u.s. territory face cascade default litigation unfold real risk another lose decade one damage last weiss say legislative solution puerto rico battle 70 billion debt may edge close legislation find fix island expect draw follow two congressional hear thursday one front house natural resources committee weiss sole witness house speaker paul ryan say want republican-led house develop response puerto rico fiscal crisis first quarter 2016 republicans plan bring bill address crisis house floor end march puerto rico want access bankruptcy-like mechanism reduce debt view back president barack obama administration congressional democrats majority republicans support efforts extend bankruptcy protection island strategy could detrimental creditors keen put puerto rico strict fiscal oversight weiss question say treasury restructure proposal envision chapter bankruptcy law u.s. state access public agencies legislation customize unique condition face puerto rico weiss say team work convince island leaders need oversight board island think legislature fully understand oversight authority would consist say puerto rico 45 percent poverty rate recession nearly decade lose population mainland suffer huge debt buildup already default borrow fear future say weiss puerto ricans leave join us mainland find access job future children good healthcare weiss say failure protect pension payments would irreparably harm retire add great stress puerto rico economy deeply concern pension puerto rico say treasury late last year envision give puerto rico pensioners strong legal protection holders constitutionally back bond go bankrupt accord draft propose plan see reuters separate hear subcommittee house committee financial service focus impact investors 3.7 trillion municipal bond market mark zandi chief economist moody analytics say without broad restructure framework include debt chapter framework would envision issue would solve back again legislation puerto rico could potentially write stand-alone law carry risk little momentum approve attach bill relate federal aviation administration faa congressional source previously say faa authorization bill authorize fund agency could come vote house representatives early next month however legislative solution may hard achieve give differ view acrimonious relationship republicans control congress democrats tom mcclintock republican california say instead increase regulation puerto rico need less red tape less tax burden could turn hong kong caribbean however representative raul labrador idaho say appreciate weiss try find solution agree every one solutions tell administration act good faith find solution problem labrador say puerto rico need restructure avoid cascade default treasury