WASHINGTON — House Republicans have missed a self-imposed deadline for a plan to help Puerto Rico manage $70 billion in debt, adjourning Friday without introducing a bill.

Legislation was expected this week to create a control board to help manage the U.S. territory’s financial obligations and oversee some debt restructuring. It would have been the third version of the House bill, which has come under fire from conservatives who feared it would set a precedent for financially ailing states and Democrats concerned the control board would be too powerful and favorable to creditors.

House Speaker Paul Ryan said in a statement Friday that Republicans want to ensure the bill is the “best, most responsible legislation to tackle Puerto Rico’s fiscal crisis while protecting American taxpayers.”

Ryan said negotiations continue with Democrats and the Obama administration on the issue. He said it will be introduced in “the coming days.”

House Natural Resources Committee Chairman Rob Bishop, R-Utah, has led negotiations on the bill and has said he wants bipartisan support. The aim is to write legislation that could pass both the House and the Senate before Puerto Rico defaults on a $2 billion debt payment due July 1. The territory missed a nearly $370 million bond payment May 1 — the largest so far in a series of missed payments since last year.

In an interview Friday for C-SPAN’s “Newsmakers” program, Bishop said he believes the House needs to move forward but lawmakers want to make sure the legislation doesn’t have any remaining constitutional or legal issues.