House likely to miss May deadline on Puerto Rico rescue bill

Lawmakers are now expected to miss a May 2 deadline to pass legislation that would provide a pathway for Puerto Rico to restructure its staggering debt, but there is bipartisan optimism a deal will come soon after.

The first of the month marks the day Puerto Rico is expected to default on a $422 million debt-service payment that it lacks the funds to pay.

Republicans and Democrats say they are tweaking legislation that would eventually provide the U.S. territory with the ability to restructure $72 billion in debt, but not in time for that deadline.

The House leaves next Friday for a week-long recess, and it do not return until Tuesday, May 10.

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