Puerto Rico’s May 1 deadline on a $422-million debt payment has arrived, and US lawmakers are no closer to finding a solution for the island’s financial woes. Most of Sunday’s payment is principal and interest due from the Government Development Bank, Puerto Rico’s main bond issuer and fiscal agent.

“That deadline is imminent, but Republicans in the House and Democrats in the administration are still haggling over the terms of a bill to rescue Puerto Rico,” writes The New York Times. “Missing the payment risks further destabilizing its shrunken economy. And there are concerns that the passage of any legislation could be delayed until the island nears the tipping point of its debt woes: a $2-billion debt payment due on July 1.” FULL REPORT