Weekend Economists in the Children's Hour: Hallowe'en to El Dia de Los Muertos, 2014

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83. REPUBLICAN GAINS COULD AID OBAMA'S ASIA TRADE PACT

http://hosted.ap.org/dynamic/stories/U/US_MIDTERM_ELECTIONS_ASIA_TRADE?SITE=AP&SECTION=HOME&TEMPLATE=DEFAULT&CTIME=2014-11-02-04-26-32

WASHINGTON (AP) -- Big Republican gains on Election Day would be a blow to much of President Barack Obama's agenda, but one stymied item on his to-do list might get a fresh chance to move forward: trade. That could breathe life into Asia-Pacific trade talks essential to his efforts to deepen engagement in the region.

Obama needs special authority, known as fast track, to negotiate trade deals that Congress can accept or reject, but cannot change. It would smooth the way for the Trans-Pacific Partnership, which is under discussion with 11 nations, and help advance separate negotiations with the 28-member European Union.

Fast-track legislation was introduced in January but Senate Majority Leader Harry Reid, D-Nev., would not allow a vote. Many Democrats fear that opening markets to countries with lower wages and standards will cost American jobs. Republicans tend to be more supportive, seeing more trade as benefiting the economy.

With Republicans favored to take control of the Senate and expand their House majority, trade could become a rare point of agreement between a Republican Congress and the White House.

Yet obstacles would remain.