Jack Lew to save Chicago Rico

Chicago Tribune: Treasury Secretary Jack Lew warned that Puerto Rico may need a U.S. government bailout if Congress doesn't pass a bill that helps the island restructure its debt and prevents a series of "cascading defaults."
"Unless Congress passes legislation that includes appropriate restructuring and oversight tools, a taxpayer-funded bailout may become the only legislative course available to address an escalating crisis," Lew said in a letter to Congress posted Monday on the Treasury department's website. "Congress must work quickly to resolve the few outstanding issues on the proposed legislation to help Puerto Rico."
"With no orderly restructuring framework to address its debts, Puerto Rico will face a series of cascading defaults," while litigation already under way will intensify and potentially take years to resolve, Lew wrote in the letter to House and Senate leaders.