SAN JUAN – A federal control board that oversees Puerto Rico’s finances submitted a proposed $10 billion budget on Thursday as federal legislators debate whether to curtail the board’s power over the U.S.
territory.The proposed Puerto Rico budget is slightly bigger than last year’s and largely suspends government cuts for one year to help the island impose reforms sought by the board including increasing Puerto Rico’s labor participation rate, making it easier to do business on the island and providing cheaper and more reliable electricity.Local government officials agree with some of the proposed changes but argue the board sometimes oversteps its boundaries as it continues to restructure a portion of Puerto Rico’s more than $70 billion.