Bronx Borough President Ruben Diaz Jr. issued a letter to Congress, in conjunction with more than 100 elected officials -- from New York, New Jersey, Connecticut, Massachusetts and Pennsylvania -- urging Congress to allow Puerto Rico to declare bankruptcy.

"Puerto Rico missed a debt payment of $58 million, which became due August 1, 2015. Media outlets report the total debt ranging from $72 to $73 billion, which would be more than any United States government, except the states of California and New York," Diaz wrote in a letter issued to Sens. Orrin Hatch and Charles Grassley and Rep. Bob Goodlatte.

Diaz went on to say that Detroit had less than half the amount of debt that Puerto Rico has when the state entered bankruptcy.

U.S. Democratic senators introduced a bill to allow the island to file for bankruptcy in July since the commonwealth is not entitled to Chapter 9 bankruptcy laws, according to Reuters. The bill is similar to the same measure that was introduced by Puerto Rico's Resident Commissioner Pedro Pierluisi.

"What we are proposing is that those public corporations and municipalities in Puerto Rico be given the same access to Chapter 9 as any similar entities in the United States," said Sen. Richard Blumenthal, D-Conn.

Chapter 9 is a section of the U.S. bankruptcy code that deals with municipal bankruptcies. Puerto Rico cannot make use of the Chapter 9 laws like other entities in the U.S. Instead, the island has to renegotiate their debts with creditors.

"The magnitude of debt owed by the Commonwealth of Puerto Rico and its associated debt issuing authorities is at a critical juncture," Diaz said. "Congress' failure to address this crisis presents a substantial threat not only to the economy of Puerto Rico, but the United States economy as a whole."

The U.S. Treasury supports the bill, but it has been shot down in committee.

"The Puerto Rican people -- over 3.5 million U.S. citizens -- have persevered through a deep recession, and they should not be left to manage their financial challenges in an untested and potentially disruptive process," the Treasury said.

A full list of supporters can be found here.