The bill is the result of several months of heated debates. But pressure on Congress to come to a resolution has been mounting since the U.S. territory defaulted on roughly $367 million in bond payments from its Government Development Bank on May 2.

Related: Bid to Ease Puerto Rico Debt Crisis Draws Fire in House

The Obama administration objected to the earlier bill over language that it said would make it too difficult for Puerto Rico to restructure its debt in federal court. And Democrats opposed a provision that would reduce the minimum wage on the island.  

Republicans crafting the bill worried it would be identified as a “bailout” of the island, as television ads from the Center for Individual Freedom, a conservative advocacy group, have alleged. Despite those claims, no U.S. taxpayer money is at stake in the bill.

Related: Puerto Rico Bill Delayed Again

The new plan has also faced potential hangups. A section dealing with a transfer of 3,100 acres of federally protected land on the island of Vieques from the federal government to territorial authorities, for example, has already drawn the attention of the Obama administration and some environmental groups. They have warned that the proposed transfer could undermine conservation efforts.  

With the territory’s governor warning of another default in July, Republicans and Democrats said recently that they were nearing an agreement on the bill, and that it would be ready for a markup by the week of May 16.