Puerto Rico Braces for Austere Budget Amid Cash Shortfall

May 8, 2015 7:15 PM

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Puerto Rico's governor says he will soon submit one of the most austere budgets in the island's history and he's appealing to U.S. President Barack Obama's administration and a divided local legislature to work together in finding solutions for the U.S. territory's fiscal crisis.

Friday's call from Gov. Alejandro Garcia Padilla came just hours after Puerto Rico's Government Development Bank released a report warning of a possible moratorium on debt payments. The bank also said it and the government could run out of money soon.

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