SAN JUAN, Puerto Rico – Puerto Rico's governor says he will eliminate subsidies, shrink the number of public agencies by nearly 75 percent and increase the cost of some government services to reduce spending and boost revenue as ordered by a federal control board amid an economic recession.
Gov. Ricardo Rossello outlined those and other planned changes Tuesday during his first state of the union address since becoming governor last month. He says he will not lay off public employees or impose new taxes or tax increases, but warns that the U.S. territory will be transformed in upcoming years.
The federal control board is pushing Puerto Rico's government to increase revenue by $1.5 billion and cut spending by roughly $3 billion in the next two years, a time frame that Rossello has said is unrealistic.
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