The Associated Press has good news on a troubled island:

Puerto Rico’s governor on Tuesday presented the territory’s first balanced budget in more than a decade, fulfilling a promise to cut spending at a time when the island’s economic problems have spread fear among U.S. investors. …

The $9.64 billion budget aims to strengthen and revive the economy as the U.S. territory enters its eighth year in recession and struggles to reduce some $73 billion in public debt.

The budget does not call for layoffs or new taxes.

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