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Puerto Rico To Default On Debt Payment Monday

Published May 2, 2016 at 1:33 PM EDT
People protest outside of Wall Street against cutbacks and austerity measures forced onto the severely indebted island of Puerto Rico on December 2, 2015 in New York City. Puerto Rico made a $355 million payment on Tuesday on its bond debt to stave off a default. Officials have warned that the commonwealth's fiscal position remain dire. (Spencer Platt/Getty Images)
People protest outside of Wall Street against cutbacks and austerity measures forced onto the severely indebted island of Puerto Rico on December 2, 2015 in New York City. Puerto Rico made a $355 million payment on Tuesday on its bond debt to stave off a default. Officials have warned that the commonwealth's fiscal position remain dire. (Spencer Platt/Getty Images)

Puerto Rico’s Governor Alejandro Garcia Padilla says that his government will not be able to make the more than $400 million in bond payments that are due today. The country is in the midst of a financial crisis and Congress is weighing whether to intervene. Here & Now’s Jeremy Hobson talks with Jill Schlesinger of CBS News about whether the crisis could impact the U.S.

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