2014-02-11ritholtz.com

``By not issuing an opinion the IRS and US Treasury postpone the constitutional test litigation and perpetuate a policy that funnels an indirect subsidy of $2 billion a year to PR; [so] US taxpayers are consequently funding almost one-fourth of the PR general fund budget without congressional approval, under the public radar screen, and based on an administrative deferral technique... The amount involved each year is about equal to the annual interest payment on ALL of PR's outstanding debt... [thus,] the Obama Administration avoids a possible embarrassing default by PR [for the time being]...''


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