Puerto Rico revises fiscal reform plan amid growing deficit

Puerto Rico is revising a fiscal reform plan to reflect a jump in the island's projected deficit and steep drop in anticipated revenues.

The government says the deficit is now projected to grow from $14 billion to $16 billion over the next five years due to the U.S. territory's worsening economic crisis.

Officials also said Monday that they expect revenue to fall by $1.7 billion over the same period.

Puerto Rico is struggling with $72 billion in public debt that the governor has said is unpayable and needs restructuring.

The territory has already defaulted on several payments and faces its first lawsuit over how the government has diverted funds to meet certain payments.