President Barack Obama on Thursday moved closer to delivering a landmark trade deal that would cut the cost of some imported footwear when the U.S. Senate voted 62-38 to move forward with a bill that would grant the president fast-track authority he needs to consummate the 12-nation Trans-Pacific Partnership (TPP) trade talks
Fast track, formally known as Trade Promotion Authority, would allow the president to cut trade agreements with other nations, then advance them through Congress with expedited procedures.
Thirteen of 44 Democrats backed the legislation in the Senate's second procedural vote. Some supported moving ahead with fast-track after Senate Majority Leader Mitch McConnell, a Republican, assured them he would set a vote next month on a bill to renew the Export-Import Bank's charter, according to leading Democratic senators. The charter is due to expire at the end of June.
Forty-nine of 54 Republicans voted in favor of the measure to provide the 60 votes needed for it to proceed in the 100-member Senate.
The Senate is now set to vote on changes to the bill, including one that would force the Obama administration to use trade deals to crack down on countries that manipulate the value of their currencies to give their exports a price advantage in the United States. The White House opposes the amendment because it would add a huge new complication into trade negotiations.
The Senate bill also faces additional procedural hurdles, long stretches of time to debate the bill and potentially a handful of amendment votes before a final vote on the trade bill could occur.
The TPP, which is near completion after more than five years of negotiations, would create a free trade zone covering 40 percent of the world economy. Trading partners have said they want to see fast-track enacted before finalizing the pact, a goal the administration has set for this year.
The bill must also pass the House of Representatives, where an even tougher fight is expected. Some conservatives oppose giving the White House more power and many of Obama’s Democrats worry about the impact on jobs and the environment.
