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Politics : Politics for Pros- moderated -- Ignore unavailable to you. Want to Upgrade?

To: LindyBill who wrote (449533)	10/6/2011 11:01:09 PM
From: skinowski	3 Recommendations Read Replies (1) \| Respond to of 793842

Looks like the protectionist anti-China bill is no longer just a propaganda gimmick. Reid is doing all he can to place his party firmly in the lead of the new trade war. What's next? The bill will get held up in the House, and the Dems and Obama will scream that they are fighting on behalf of the working man, and blame Republicans for the high unemployment and for the ongoing recession.

To: LindyBill who wrote (449533)	10/7/2011 1:23:49 PM
From: Brian Sullivan	Read Replies (1) \| Respond to of 793842

The Senate Democrats went nuclear because they want to start a trade war with China... Senate Chinese Currency Vote Likely Next Week By Corey Boles and Michael R. Crittenden, Dow Jones Newswires WASHINGTON -- A final vote on legislation that would direct the Obama administration to take action against China's alleged manipulation of its currency value was likely delayed until next week, after an unusual argument erupted on the Senate floor between the party leaders Thursday evening. A potential agreement between Senate Majority Leader Harry Reid (D., Nev.) and his Republican counterpart Minority Leader Mitch McConnell (R., Ky.) over a number of political messaging votes the GOP was seeking blew up and instead Reid moved to shut down debate entirely on the legislation. Unless Republicans yield back debate time on the yuan legislation, the earliest a vote on final passage could occur would be Friday afternoon. But that would conflict with the Jewish holiday Yom Kippur which begins Friday at sunset, making a vote that afternoon difficult. More likely, the matter will be delayed until next week. Earlier Thursday, a vote on final passage seemed extremely likely to take place later in the day. A final procedural motion on the bill had been approved by 62 lawmakers, and the vote on passage only requires a straight majority. The underlying bill has widespread bipartisan support. "We are in a trade war. We have our clocks cleaned every day and lose jobs every day because of unfair Chinese practices," Sen. Charles Schumer (D., N.Y.) said on the Senate floor Thursday afternoon. The currency bill would compel the Obama administration to levy tariffs and other penalties against countries for having "misaligned" currencies. The measure reflects lawmakers' concerns that China holds down the value of its currency, the yuan, in an effort to boost the country's exports. More broadly, China's currency policies drew rare public criticism from President Barack Obama who accused China of manipulating the yuan and taking other actions to bolster its growth at the expense of the rest of the world. "China has been very aggressive in gaming the trading system to its advantage and to the disadvantage of other countries, particularly the United States," Mr. Obama said. The president expressed reservations about the Senate's bill, suggesting it could violate U.S. international treaty obligations on trade matters. He also acknowledged China has allowed some appreciation in the yuan, but said "it's not enough." The growing focus on China and its policies comes as lawmakers focus on the faltering U.S. economy and its role in the elections, a scant 13 months away. China's management of the yuan has long bothered policy makers, particularly those from manufacturing states, who insist that Beijing holds down the value of its currency to benefit Chinese exports to the detriment of U.S. firms. In the House of Representatives, the China issue is resonating with both Republican and Democrats; a total of 226 House lawmakers have signed onto a House version of the currency legislation. They include 61 Republicans who have bucked warnings from House Speaker John Boehner (R., Ohio) that the legislation is "dangerous" and who has insisted he will not bring the measure up for a vote. Mr. Boehner and Republican leaders are trying to tamp down a movement by rank- and-file members to force a vote on currency legislation. There's an effort to bring the bill to the floor via a so-called discharge petition, which allows a majority of rank-and-file lawmakers to override leadership and bring legislation up for a floor vote. House aides said the last time they could recall a discharge petition was used to force a vote was in 2002, when lawmakers wanted a vote on a campaign-finance measure to be set up in a way that allowed certain amendments. A GOP aide said that Republicans have been told not to sign the discharge petition. A number of influential business groups, ranging from the U.S. Chamber of Commerce to the Business Roundtable, have warned taking action against China could result in retaliation from Beijing, undermining any potential gains to the U.S. economy. China has let the yuan rise nearly 7% since June 2010 when it unpegged the currency from the dollar, and has raised the yuan's reference rate by about 4% this year, including nine increases in September, when the free- ranging dollar's value was soaring. "I don't think now is the right time to embrace a trade war," Sen. Claire McCaskill (D., Mo.) said.