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A fix for Puerto Rico's $73 billion debt crisis cleared a key procedural hurdle Wednesday -- all but guaranteeing it will become law -- as the Senate voted to limit further debate and move toward a final vote on the bill.

The cloture vote was 68 to 32. Though some lawmakers may switch their votes when the Senate considers final passage of the bill, the vote suggests that the measure will clear the chamber and reach President Barack Obama's desk before Friday, when the island faces a default on $2 billion in debt payments.

Though he described the legislation as "obviously" imperfect, Senate Majority Leader Mitch McConnell said, "This is the best and possibly the only action we can take to help Puerto Rico."

Senate Minority Leader Harry Reid also saw major flaws in the bill but called the legislation, "a step in the right direction," while criticizing McConnell for blocking efforts to amend the measure.

Proponents of the bill, including the White House and Treasury Department, became particularly concerned earlier this week that Democrats might withhold support for the legislation over provisions they object to. These include a potentially lowered minimum wage, an exemption from the Department of Labor's new overtime rule, and the creation of a federal oversight board with broad powers.

At the invitation of Senate Finance Committee ranking member Ron Wyden (D-Ore.), Treasury Secretary Jack Lew made a last-minute pitch yesterday to Democrats on that committee to rally support for the bill.

In an echo-though not a repeat-of a filibuster over gun control led by Democrats earlier this week, Sen. Bob Menendez (D-N.J.) held the Senate floor for over four hours to voice his objections to the bill, whose oversight board he has called "neocolonial." Sens. Bernie Sanders (I-Vt.) and Maria Cantwell (D-Wash.) joined Menendez last night for the lengthy protest on what had otherwise been a fairly quiet evening on the upper chamber's floor.

"As drafted, PROMESA exacts a price that is far too high for relief that is far too uncertain," Menendez said of the bill during cloture debate Wednesday morning.


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