Puerto Rico OKs Up to $350M in Spending Cuts

Cataldo, Adam L.
May 2006
Bond Buyer;5/30/2006, Vol. 356 Issue 32391, p1
Trade Publication
The article reports that Puerto Rico Governor Anibal Acevedo Vila has signed the fiscal reform bill meant to cut the government spending. The bill aims to cut up to $350 million in government spending in fiscal 2007. Elected officials are still negotiating an agreement for tax reform that would create a sales tax and eliminate the commonwealth's excise tax. Under the new law, one out of every three government vacancies would be eliminated. Similarly one out of every 10 ten jobs coming under the category of "positions of trust" would also be eliminated.


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