(Kevin Lamarque/Reuters)
The Senate bill to take action against Chinese currency manipulation passed its first vote yesterday by
79-19, to John McCain's vocal displeasure. Consideration of the bill continues today, and with such an overwhelming margin on that vote, it is likely to pass easily and quickly, but, as
David Waldman explains, in typically confusing Senate fashion.
Bringing the bill up for a vote in the House remains unlikely, though, with John Boehner saying:
"I think it's pretty dangerous to be moving legislation through the United States Congress forcing someone to deal with the value of their currency," said U.S. House of Representatives Speaker John Boehner.
[...]
"While I've got concerns about how the Chinese have dealt with their currency, I'm not sure this is the way to fix it," Boehner said, calling the legislation "well beyond" what he saw as the proper scope of the U.S. Congress' work.
That makes John Boehner Barack Obama's best friend on this particular issue, since Obama does not want either to sign the bill or to veto something that could create up to a million jobs.