The Buzz | Puerto Rico looks to slot machines for cash
Facing a cash crisis, Puerto Rico is turning to desperate measures to pay the bills: It’s delaying tax refunds, borrowing from its insurance company and may even legalize the black-market slot machines in grocery stores. Lawmakers have yet to agree on a budget, with less than two weeks before the start of the new fiscal year. Without a spending plan in place, the junk-rated commonwealth won’t be able to raise as much as $1 billion from investors to keep the government running as it waits for tax revenue to flow in. “I have to prioritize,” Treasury Secretary Juan Zaragoza said in an interview. “I have to choose between paying for education and tax refunds. It’s a clear choice.”
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