–Senate Majority Leader Says Senate Will Pass Stop-Gap Bill Next Week
–Senate To Take Up China Currency Bill ‘At Right Time’

By John Shaw

WASHINGTON (MNI) – Senate Majority Leader Harry Reid Friday said
the Senate will consider legislation next week to assist workers who
have lost their jobs due to international competition as well as a
stop-gap spending bill for the 2012 fiscal year.

In remarks on the Senate floor, Reid said the Senate will begin
consideration of the workers assistance bill which is usually referred
to as the Trade Adjustment Act or TAA.

Reid has said that the Senate will not consider any of the three
pending U.S. bilateral trade agreements until the Senate passes a TAA
bill.

Those pending U.S. trade agreements are with Panama, Colombia and
South Korea.

Reid also said that the Senate must pass by next Friday the
stop-gap spending bill for FY’12.

That bill, which is expected to fund the government until Nov. 18,
is needed because Congress has not passed any of the 12 regular spending
bills. The new fiscal year begins Oct. 1.

The House is likely to vote on the FY’12 stop-gap bill in the early
part of next week and then the Senate will vote on the measure.

House Speaker John Boehner said Thursday that he wants to avoid a
fight this fall on the FY’12 spending bills.

Reid has also said this week that the Senate will take currency
legislation this fall related to China.

“We’ll do that at the right time,” Reid said Thursday.

There are several versions of currency legislation that have been
circulated. One would prevent the Commerce Department from using a
long-standing rule that makes it more difficult to designate an
undervalued currency as an illegal export subsidy that would result in
economic sanctions.

The White House remains cool to currency legislation.
Administration officials believe that currency matters pertaining to
China are best addressed in talks led by the Treasury Department.

House Republican leaders are also cool to China currency bills
saying they address only one aspect of the complex bilateral
relationship. They say that a much more comprehensive approach is
needed.

** Market News International Washington Bureau: (202) 371-2121 **

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