US Treasury Sec: Puerto Rico needs congressional action

The AP reports:

U.S. Treasury Secretary Jacob Lew stressed on Wednesday during a visit to Puerto Rico that congressional action is the only solution to pulling the U.S. territory out of its worsening economic crisis.

He called on Congress to approve a restructuring mechanism to help the island deal with its $72 billion public debt. He also said some kind of oversight authority that respects Puerto Rico's system of self-government is needed.

"Now is the time to act, and I'm here to further that effort," Lew said after meeting with Gov. Alejandro Garcia Padilla. "It would be a mistake for anyone to think there's a plan B that comes anywhere near to being as effective."

Imagine that.