It took a while to get here, but for the island of Puerto Rico, relief is in sight. In washington, lawmakers have struck a deal to rescue Puerto Rico from a major debt crisis.

FOX's Jared Halpern has more from Capitol Hill:

After months of fits and starts over addressing Puerto Rico's $70 billion debt, House Republicans and Democrats along with the Obama administration say they have a solution:

(Ryan) "We think this bill helps them get out of this tough spot while protecting the U.S. taxpayer."

House Speaker Paul Ryan says the legislation avoids a future bailout. House Democratic Leader Nancy Pelosi agrees:

(Pelosi) "It does contain a restructuring that can work."

The legislation sets up an oversight board to manage the territory's financial obligations and debt restructuring. Leaders hope to move quickly on approval, before Puerto Rico defaults on a $2 billion payment July 1.

On Capitol Hill, Jared Halpern, FOX News.

Follow Jared Halpern on Twitter: @JaredHalpern