President Barack Obama may send the long-delayed trade deals with South Korea, Colombia and Panama to Congress this week, according to new reports.
The three trade pacts could potentially boost U.S. exports by $13 billion annually, the Wall Street Journal reported on Monday. With the deals headed to Congress for consideration this week ? sources told the paper Obama could forward the legislation as early as Monday ? the three agreements could pass in mid-October after years of debate.
Continue ReadingThe White House and Republican leaders are looking to approve the three pacts, along with a Trade Adjustment Assistance compromise bill, which would offer extended unemployment benefits to workers who become unemployed due to the impact of international trade.
Passage of the South Korea pact before President Lee Myung-bak?s Oct. 13 state visit is a major goal, and a congressional source told the paper it would be ?tough, but close.?
Committee hearings could begin as early as Wednesday, and Congress has 90 days to approve the deals.
The three deals are expected to widely impact U.S. agriculture, auto makers, financial services, legal and healthcare companies, and there would be added exports and foreign services available in the U.S. as well, the Wall Street Journal noted.
The long-delayed trade deals will be voted on separately to allow members to reject certain pacts ? the Colombia deal, for example, has angered some union-backed Democrats who are outraged the U.S. would sign a deal with a country they say has long attacked its unions.
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