Puerto Rico governor plan rejects austerity measures

Puerto Rico's governor has submitted a fiscal plan that rejects austerity measures sought by a federal control board and instead proposes alternative ways to boost revenue and cut spending amid an economic recession.

The plan submitted Wednesday outlines measures the U.S. territory will take in the next decade to stabilize its economy as it faces a $7 billion deficit, nearly $70 billion in public debt and a growing number of angry creditors seeking to recover their money amid ongoing multimillion-dollar defaults.

Gov. Ricardo Rossello says his plan will help generate $4 billion in revenue and save $11 billion. It also calls for making $1.2 billion in debt payments by 2019.

It is unclear if the board will accept the plan, which has to be approved by March 15.