Dems React to Trade Deficit
The U.S. Department of Commerce released its 2006 annual trade deficit figures today revealing another record-breaking year of $764 billion in losses for American workers. Democratic Congressional leaders reacted by urging President George W. Bush (R) to chart a new direction in U.S. trade policy that addresses the explosive U.S. trade deficit and promotes broad-based equitable growth for all Americans.
The 2006 trade deficit represents a 6.5% increase over the 2005 record. House Speaker Nancy Pelosi (D-CA), Majority Leader Steny H. Hoyer (D-MD), House Ways and Means Chairman Charles B. Rangel (D-NY), and Trade Subcommittee Chairman Sander Levin (D-12, Roseville) joined key House Ways and Means Members in sending a letter to the President. This letter called for the Bush Administration to be much more assertive when it comes to enforcing trade agreements around the world and, in particular, more agressive in dealing with violations of those agreements by America's trading partners.
The full-text of this letter is available on Mr. Levin's web site. There is no early indications as to how Mr. Bush will respond to either this letter or the nation's growing trade deficit. However, given the Bush Administration's track record, I expect this news to be met with an almost deafening silence.
