Puerto Rico's Debt Crisis

(SAN JUAN, Puerto Rico) — Puerto Rican officials warned Monday the island's default on a $422 million bond payment is only the beginning if the U.S. Congress doesn't help resolve the situation soon.

The U.S. island territory did not make nearly $370 million of the payment that was due, the third and largest since 2015. Gov. Alejandro Garcia Padilla said a much more significant default could occur July 1 if Congress doesn't restore the government's ability to restructure debt under Chapter 9.