A federal control board warned Wednesday that Puerto Rico's government needs to take "major emergency actions" to avoid shutting down because its cash flow is critically low. The board released an audited financial statement that found this year's government expenses could be understated by $360 million to $810 million. The board recommended in its letter that Puerto Rico's government take four key steps immediately. The board also urged Puerto Rico's Fiscal Agency and Financial Advisory Administration to take immediate control of all the government's accounts, revenues and expenses. "This administration is not considering furloughs for its public employees in the fiscal plan," he told reporters.

Source: ABC News March 08, 2017 16:12 UTC