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Puerto Rico leader unveils $9.8B operating budget

April 26, 2013 • Business


Puerto Rico Gov. Alejandro Garcia Padilla speaks during a state of the commonwealth address at the Capitol building in San Juan, Puerto Rico, Thursday, April 25, 2013. Garcia Padilla unveiled a $9.8 billion operating budget Thursday night in which he pledged to reduce crime, create jobs, boost school attendance and expand the U.S. territory’s tourism sector. Padilla said he plans to reduce the island government’s $2.2 billion deficit to $775 million in one year, in part by taxing those who earn $200,000 or more a year or who buy homes valued at $1 million or more. (AP Photo/Ricardo Arduengo)

SAN JUAN, Puerto Rico (AP) — Puerto Rico’s governor unveiled a $9.8 billion operating budget Thursday night during a state of the commonwealth address in which he pledged to reduce crime, create jobs, boost school attendance and expand the U.S. territory’s tourism sector.

Gov. Alejandro Garcia Padilla said he plans to reduce the island government’s $2.2 billion deficit to $775 million in one year, in part by taxing those who earn $200,000 or more a year or who buy homes valued at $1 million or more. He did not provide details about those taxes.

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