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Puerto Rico governor approves balanced budget amid economic woes

Puerto Rico's governor has signed the U.S. territory's first balanced budget in more than a decade amid an economic slump that has concerned U.S. investors.

Alejandro Garcia Padilla said the $9.8 billion budget was balanced without resorting to layoffs or new taxes. It is $205 million smaller compared to last year's budget.

Garcia approved it on Tuesday, the same day the island's new fiscal year begins.

The approval comes just days after Garcia signed a law that allows certain public corporations to restructure their debt if needed. Garcia said the move in part aims to protect the general fund, which has long financed Puerto Rico's public agencies.