SAN JUAN, Puerto Rico -- Puerto Rico legislators on Friday rushed to try to approve a budget amid debate on how best to revive the U.S. territory's economy, which the New York Federal Reserve president warns has not yet bottomed out.
The proposed $9.8 billion operating budget proposes a flurry of new taxes while seeking to boost the island's education system and rescue a crumbling public pension system. The local House of Representatives recently approved the budget, but is meeting again to evaluate several amendments that the Senate sought to add.
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