WASHINGTON (Reuters) - The Republican and Democratic leaders in the U.S. House of Representatives on Thursday expressed optimism over prospects for a bill helping Puerto Rico out of its debt crisis, but they indicated that a legislative fix could still be weeks away at least. Democratic and Republican lawmakers are working in “good faith” to finalize legislation addressing Puerto Rico’s debt crisis by May 1, Nancy Pelosi, the House Democratic leader said. House Speaker Paul Ryan, a Republican, said, “I think we are going to get there.” Pelosi said at her weekly news conference that Democrats still have some concerns about the bill and are working with Republicans to address them. Republicans who control Congress outlined a plan this week to help Puerto Rico write off billions of dollars in debt if an agreement with creditors is out of reach. That plan would create a forum for investors to negotiate with Puerto Rico officials while the island’s government tries to curb deficit spending that has created $70 billion in debt.  Ryan told reporters at a separate press conference on Thursday that there were not enough Democratic votes in the House Natural Resources Committee to help get the measure approved. But House Republican aides acknowledge that they also have work to do on their side of the aisle, especially in convincing some of their more conservative members that a Puerto Rico aid bill is needed. Underscoring that, Ryan is calling together his 246 Republican members for a closed meeting on Friday to review the legislation that is taking shape and to urge support. One aide characterized the message Friday as being aimed at helping Republicans understand that if they do not support a Puerto Rico bill now, much more costly bailout measures likely would be necessary down the road. Ryan said his priority on Puerto Rico is twofold: “To protect the American taxpayer and to help bring order to the chaos that will befall Puerto Rico if the status quo continues going in the direction its going.” Pelosi said Democrats’ main concern with the Republicans’ first draft of the legislation was the part of the bill on restructuring. Negotiators were moving forward on the makeup of a proposed oversight board, Pelosi said, but a “new wrinkle” has emerged over the role of creditors in the U.S. commonwealth’s debt restructuring decisions. Ryan said an oversight board would be the best possible way to prevent taxpayers from bailing out Puerto Rico. 
U.S. lawmakers target May 1 for Puerto Rico debt crisis bill