• Home
  • Latest
  • Fortune 500
  • Finance
  • Tech
  • Leadership
  • Lifestyle
  • Rankings
  • Multimedia

Trendingnow

1

Jeff Bezos wants the bottom half of earners to pay zero income tax—he says nurses making just $75K should save $12K a year

2

Indeed chief economist says we’re entering an era of ‘great mismatch’ thanks to a generational imbalance of workers

3

Apple’s Steve Wozniak says he cofounded the tech giant after 5 rejections from HP—not to ‘make money.’ For years, his paycheck was just $50

1

Jeff Bezos wants the bottom half of earners to pay zero income tax—he says nurses making just $75K should save $12K a year

2

Indeed chief economist says we’re entering an era of ‘great mismatch’ thanks to a generational imbalance of workers

3

Apple’s Steve Wozniak says he cofounded the tech giant after 5 rejections from HP—not to ‘make money.’ For years, his paycheck was just $50
Leadership

President Obama’s trade agenda surges forward again in the Senate

By
Tory Newmyer
Tory Newmyer
Down Arrow Button Icon
By
Tory Newmyer
Tory Newmyer
Down Arrow Button Icon
June 23, 2015, 12:32 PM ET
President Obama Speaks At Nike's Headquarters In Beaverton, Oregon
BEAVERTOWN, OR - MAY 8: President Barack Obama speaks to Nike Employees and other Oregonians at Nike Headquarters May 8, 2015 in Beaverton, Oregon. Obama spoke about the Trans-Pacific Partnership trade pacts which include the U.S. in a trade agreement with 11 other nations. (Photo by Natalie Behring/Getty Images)Photograph by Natalie Behring — Getty Images

President Obama’s trade agenda continued its corkscrew turnaround Tuesday, as the Senate moved toward handing him fast-track negotiating authority to wrap work on a sprawling Pacific Rim pact. The upper chamber voted 60-37 to end debate on the measure, setting up a Wednesday vote on final passage.

That should be a breeze — the real test was clearing the 60-vote hurdle today — and since the House approved fast-track last week, after balking the week before, the bill could land on the president’s desk for his signature by the end of the week.

True to form in a debate that’s packed in drama at every turn, the Senate vote on Tuesday was a nail-biter. The chamber initially approved the measure as part of a broader trade package back in May but with only two votes to spare. That meant the margin for error heading into the Tuesday vote was narrow. And it became razor-thin early Tuesday when Sen. Ted Cruz (R-Texas) — the Tea Party-courting presidential contender and an early backer of the handing Obama the extra negotiating room — announced he was switching sides and would be opposing fast-track. Cruz, in a Breitbart op-ed, cited deal-cutting between Republicans and Democrats since the Senate’s first vote in May as souring him on the initiative.

But a fragile agreement between Congressional Republican leaders and pro-trade Democrats about the path forward proved durable enough. After liberal House Democrats earlier this month voted down a measure extending assistance to workers displaced by globalization — a program they have traditionally championed but sunk as a procedural gambit to derail Obama’s trade push— GOP leaders decided to split fast-track authority apart and put it up for a separate vote.

The scheme would only work if Republicans convinced pro-trade Democrats that they would quickly follow the standalone fast-track vote with one on the worker assistance program, for which they’d also rally support. Senate Majority Leader Mitch McConnell (R-Ky.) further sweetened the deal by pairing the worker assistance with a program to help American steelmakers compete in international markets — an inducement for Rust Belt lawmakers in both parties wary of what previous trade deals have wrought. Despite threats from a number of the 14 Senate Democrats who helped lift fast track to passage back in May that they would flip against a so-called clean version, only one — Sen. Ben Cardin (D-Md.) — ended up switching sides on Tuesday.

After the vote, Sen. Ron Wyden (D-Ore.), the lead Democratic negotiator on trade as the ranking member on the Senate Finance panel, emphasized that work remains. “This is not about taking a victory lap,” he told reporters outside the Senate chamber, pointing to the need to ensure the other elements of the trade package follow fast track to passage. Highlighting the schism that the trade debate has opened within Democratic ranks, just steps away, a glum-looking Senate Minority Leader Harry Reid (D-Nev.) expressed his disappointment. “I still hate the whole program,” Reid said. “I’ve never voted for a trade deal, and I never considered voting for this one.”

Securing fast track does not guarantee passage of the deal itself, which links twelve Pacific Rim nations comprising 40 percent of global economic activity. But the authority would allow Obama to send his team of trade envoys back to the negotiating table with the assurance that whatever final deal they hammer out will get a simple up-or-down vote in Congress — a procedural streamlining that the administration views as critical to extracting the most favorable terms from their counterparts. Obama views the deal as the cornerstone of his second-term agenda, and it has spawned rare common cause between his White House and the corporate community, which has been marshaling against stiff and sustained opposition from labor and environmental groups to muscle fast track over the line.

About the Author
By Tory Newmyer
See full bioRight Arrow Button Icon

Latest in Leadership

Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025

Most Popular

Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Fortune Secondary Logo
Rankings
  • 100 Best Companies
  • Fortune 500
  • Global 500
  • Fortune 500 Europe
  • Most Powerful Women
  • World's Most Admired Companies
  • See All Rankings
  • Lists Calendar
Sections
  • Finance
  • Fortune Crypto
  • Features
  • Leadership
  • Health
  • Commentary
  • Success
  • Retail
  • Mpw
  • Tech
  • Lifestyle
  • CEO Initiative
  • Asia
  • Politics
  • Conferences
  • Europe
  • Newsletters
  • Personal Finance
  • Environment
  • Magazine
  • Education
Customer Support
  • Frequently Asked Questions
  • Customer Service Portal
  • Privacy Policy
  • Terms Of Use
  • Single Issues For Purchase
  • International Print
Commercial Services
  • Advertising
  • Fortune Brand Studio
  • Fortune Analytics
  • Fortune Conferences
  • Business Development
  • Group Subscriptions
About Us
  • About Us
  • Press Center
  • Work At Fortune
  • Terms And Conditions
  • Site Map
  • About Us
  • Press Center
  • Work At Fortune
  • Terms And Conditions
  • Site Map
  • Facebook icon
  • Twitter icon
  • LinkedIn icon
  • Instagram icon
  • Pinterest icon

Latest in Leadership

r
HealthHealth
The quiet $8 billion crisis: long COVID costs keep rising as Washington looks away
By Bruce Y. Lee, Hannah Dimmick and The ConversationMay 24, 2026
6 hours ago
40 is the new 50: Millennial jobseekers are giving their resumes a facelift by hiding years of experience to land jobs
Future of WorkCareers
40 is the new 50: Millennial jobseekers are giving their resumes a facelift by hiding years of experience to land jobs
By Jacqueline MunisMay 24, 2026
9 hours ago
bofa
AIProductivity
BofA says you’ll be 10x more productive with AI. Ignore the 0.1% result so far
By Nick LichtenbergMay 24, 2026
10 hours ago
David Bennahum
CommentaryMedia
I was one of the internet’s first influencers. AI just killed the whole category — and created something better
By David S. BennahumMay 24, 2026
12 hours ago
Marc Perry, Toyota Alabama president and Jack Crowley in the lab with the students.
AIJobs
As AI wipes out white-collar jobs, one Alabama high school and Toyota are training students for roles that pay $40 an hour and can’t be automated
By Jake AngeloMay 24, 2026
13 hours ago
gf
SuccessEntrepreneurship
Meet the 32-year-old who is America’s only full-time spelling bee coach — he charges up to $180 per hour
By Ben Nuckols and The Associated PressMay 23, 2026
1 day ago

Most Popular

Jeff Bezos wants the bottom half of earners to pay zero income tax—he says nurses making just $75K should save $12K a year
Success
Jeff Bezos wants the bottom half of earners to pay zero income tax—he says nurses making just $75K should save $12K a year
By Preston ForeMay 21, 2026
3 days ago
Indeed chief economist says we’re entering an era of ‘great mismatch’ thanks to a generational imbalance of workers
Success
Indeed chief economist says we’re entering an era of ‘great mismatch’ thanks to a generational imbalance of workers
By Emma BurleighMay 22, 2026
2 days ago
Apple’s Steve Wozniak says he cofounded the tech giant after 5 rejections from HP—not to ‘make money.’ For years, his paycheck was just $50
Success
Apple’s Steve Wozniak says he cofounded the tech giant after 5 rejections from HP—not to ‘make money.’ For years, his paycheck was just $50
By Preston ForeMay 22, 2026
2 days ago
Uber CEO says rideshare 'freed up' his son from having to get a driver’s license—and he's one of many Gen Zers who aren’t willing to drive
Lifestyle
Uber CEO says rideshare 'freed up' his son from having to get a driver’s license—and he's one of many Gen Zers who aren’t willing to drive
By Sasha RogelbergMay 24, 2026
9 hours ago
Bolt CEO says he let go of his entire HR team for creating problems that didn’t exist: ‘Those problems disappeared when I let them go’ 
Workplace Culture
Bolt CEO says he let go of his entire HR team for creating problems that didn’t exist: ‘Those problems disappeared when I let them go’ 
By Preston ForeMay 19, 2026
5 days ago
Microsoft reports are exposing AI's real cost problem: Using the tech is more expensive than paying human employees
AI
Microsoft reports are exposing AI's real cost problem: Using the tech is more expensive than paying human employees
By Jake AngeloMay 22, 2026
2 days ago

© 2026 Fortune Media IP Limited. All Rights Reserved. Use of this site constitutes acceptance of our Terms of Use and Privacy Policy | CA Notice at Collection and Privacy Notice | Do Not Sell/Share My Personal Information
FORTUNE is a trademark of Fortune Media IP Limited, registered in the U.S. and other countries. FORTUNE may receive compensation for some links to products and services on this website. Offers may be subject to change without notice.