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April 25 (Reuters) – Puerto Rico’s new governor on Thursday
proposed a $750 million annual budget increase to $9.835 billion
for the Caribbean island, whose tepid economic recovery from a
six-year recession is showing signs of sputtering.
In presenting his first budget plan, awaited by anxious
investors in America’s $3.7 trillion municipal bond market,
Governor Alejandro Garcia Padilla called for new revenue
initiatives and $200 million of deficit financing.
