Puerto Rico Out Of Money

Government offices, schools and daily life is shut down in Puerto Rico because the government has run out of money. Thats right, they ran out of money.

(AP/Yahoo)"They have to solve this quickly," said Juan Marrero, a shop owner in a San Juan suburb, whose business was hurt by the closure of a nearby elementary school.

All 1,600 public schools on the island closed Monday, two weeks before the end of the academic year, along with 43 government agencies. Acevedo blamed "legislative inaction."

"As of 8 a.m. this morning, I don't have in hand a single legislative proposal that resolves this crisis," he told reporters.

What some call our 51st state, has no money and no plan to fix it. How could this happen?