Overnight Finance: Stage set for trade fight

HAPPY THURSDAY AND WELCOME TO OVERNIGHT FINANCE where coffee is plentiful and sleep is scarce. But we love, love, love — did I say love? — pulling all-nighters for a chance to curl up with the Trans-Pacific Partnership. Fine, you caught me, I got a few hours of sleep and — let’s be honest — this is the fun stuff, right? 

Good luck to the state of Ohio where one of your football teams will win tonight.

Both chambers are out of session on Friday so get out there an enjoy the 80-degree temps. Hopefully it won’t rain. The House is out next week but the Senate returns to Washington on Monday. 

RELEASE THE HOUNDS: The early morning release of the 12-nation Trans-Pacific Partnership (TPP) deal brought a flood of reaction from all around Washington.

The agreement starts off months of intensive debate on Capitol Hill where the Obama administration is hoping to convince enough lawmakers to back the long-negotiated agreement, which covers 40 percent of global growth.

{mosads}As expected, labor unions, several House Democrats and some environmental groups ripped the agreement as damaging to the future of U.S. workers.

Democratic presidential hopeful Sen. Bernie Sanders (I-Vt.) even took a jab at front-runner Hillary Clinton over previous comments that the sweeping Pacific Rim trade deal set a “gold standard” for trade agreements. http://bit.ly/1OrXyh9

Meanwhile, business groups and trade supporters on both sides of the aisle struck a cautious tone, calling for everyone to take a step back, read the agreement and then make a decision. 

U.S. Trade Representative Michael Froman warned on Thursday that “failure to pass TPP would come at a high price here at home: jobs lost, wages cut and opportunity squandered.”

“I would also encourage everyone to take a moment to consider the costs of not moving forward with this agreement,” Froman said.

The TPP deal is between the United States and 11 other nations: Australia, Canada, Japan, Malaysia, Mexico, Peru, Vietnam, Brunei, Chile, New Zealand and Singapore. http://bit.ly/1L097nZ

WE’LL NEED THAT JOHN HANCOCK?: From me: President Obama notified Congress on Thursday that he intends to sign the Trans-Pacific Partnership (TPP).

The message kicks off a period of at least 90 days before Obama can sign the agreement, a requirement of the trade promotion authority, or fast-track, legislation he signed into law this summer.

Senate Finance Committee Chairman Orrin Hatch (R-Utah), who has expressed concern about the TPP’s final details, said that an intention to sign the agreement does not mean the Obama administration’s “duty is over to convince Congress that this TPP is the best agreement possible.” http://bit.ly/1WAdFgY

DON’T BE CHICKEN: From me: In other trade news, the White House made a move to suspend agricultural trade benefits to South Africa over an unresolved poultry flap.

U.S. trade officials said that if South Africa doesn’t make a concerted effort to eliminate barriers to poultry, pork and beef exports the nation could lose its trading advantages under the recently renewed African Growth and Opportunity Act (AGOA).

“We are disappointed that South Africa has yet to resolve these issues,” said U.S. Trade Representative Michael Froman. http://bit.ly/1PqOGXJ

DRIVIN’ AND SMILIN’: From The Hill’s Keith Laing: Well, the House made it through — passing a $325 billion transportation bill on Thursday after days of votes and more votes.

The measure also includes a reauthorization of the controversial Export-Import Bank’s charter, which has been held up in Congress since it expired in June. 

The House passed the bill in a 363-64 vote. http://bit.ly/1L09nn4

TAKING THE NEXT STEP: Via Laing: “Lawmakers in the House moved quickly to appoint conferees for a House-Senate conference on a highway funding bill. 

“Both chambers are hoping to meet ahead of a Nov. 20 deadline for renewing federal road funding that is currently set to expire on that date. 

“Leaders in the House appointed 16 Republicans and 12 Democrats to sit in on the forthcoming negotiations with the Senate, including Reps. Bill Shuster (R-Pa.) and Peter DeFazio (D-Ore.), who are the top ranking lawmakers on the House Transportation and Infrastructure Committee.” http://bit.ly/1RZTzpR

WE’RE GOING TO WAIT ‘TIL THE MIDNIGHT HOUR: By me and Peter Schroeder: The House late on Wednesday night rejected 10 amendments that could have derailed a renewal of the Export-Import Bank, virtually assuring the agency a new life. http://bit.ly/1QhUMKK

The House then passed the highway bill, which included a renewal of the bank’s charter through 2019.

Conservatives inside and outside the Capitol blasted Ex-Im as “crony capitalism,” and enjoyed backing from several members of House GOP leadership. http://bit.ly/1LTd4yX

HIKING SOCIAL SECURITY: From Schroeder: “Sens. Bernie Sanders (I-Vt.) and Elizabeth Warren (D-Mass.) are teaming up on a bill that would hand Social Security recipients a $580 check and pay for it by trimming tax perks for corporate executives.

“The progressive duo unveiled new legislation Thursday that would cut checks for millions of Americans that rely on Social Security benefits, weeks after the Obama administration announced there would be no cost-of-living increase to payments in 2016.

“‘At a time when senior poverty is going up and more than two-thirds of the elderly population rely on Social Security for more than half of their income, our job must be to expand, not cut, Social Security,’ said Sanders, who is running for president.” http://bit.ly/1NgaDEq

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