A looming debt crisis in Puerto Rico is setting off a fresh fight in Congress, where lawmakers are debating a statutory fix that could allow the island territory to declare bankruptcy.

Advocates of the change say it would resolve a technical oversight from a decades-old bankruptcy law, while skeptics warn that it could throw into question billions of dollars in debt now owned by investors across the country.

Earlier this week, Puerto Rico’s governor declared that the nation’s $72 billion pile of debt was too much for it to handle. To avoid a “death spiral,” Gov. Alejandro Garcia Padilla said the commonwealth would have to break its promise to pay back some money owed.

But a quirk in the nation’s bankruptcy code is throwing Congress into the middle of the matter, as lawmakers will need to quickly pass a new law if Puerto Rico is going to gain access to the nation’s bankruptcy courts.

Puerto Rico’s nonvoting representative, Resident Commissioner Pedro Pierlusi (D) is working to build support for legislation that has simmered in Congress for months, but has taken on new urgency following the governor’s declarations.

Read the article “Puerto Rico Debt Crisis Hits Congress” on thehill.com.