Senate Minority Leader Harry Reid
After fast-track authority for the Trans-Pacific Partnership
lost a procedural vote in the Senate on Tuesday, the question is what's next for the TPP? And the answer is ... unclear.
According to Sen. Orrin Hatch (R-UT), "Sometimes you just have to let it percolate for a while. I think one or two days." One thing percolating is that top Senate Democrats are proposing a compromise of sorts:
Reid and Schumer are proposing to pull language addressing currency manipulation from a customs and enforcement bill that Democrats insist must be included in a package of legislation along with fast-track authority and Trade Adjustment Assistance.
In return, they want the Senate to hold a vote on stand-alone legislation cracking down on currency manipulation before moving to the larger trade package, which would include fast-track, TAA, a pared-down customs bill, and a package of trade preferences for African nations, according to a Democratic leadership aide.
So far, though, Majority Leader Mitch McConnell hasn't expressed interest in compromise. The TPP faces opposition from both the right and the left, despite President Obama's
aggressive lobbying for it. On Tuesday, fast-track was blocked by Senate Democrats, with even pro-TPP Democrats voting against it to gain leverage for the related legislation they want. For progressive Democrats like Sens. Sherrod Brown and Elizabeth Warren, though, the goal is to defeat fast-track authority and open up the terms of the TPP itself to public debate.
10:05 AM PT (Barbara Morrill): And the Democratic offer is rejected:
Senate Republicans have rejected a proposed compromise from Democratic leaders aimed at moving forward on President Barack Obama’s trade initiative, though party leaders remained in negotiations to try and revive the measure by the end of the week.