Orrin Hatch: “I have enjoyed the remarks of my distinguished friend from New York. As we begin the debate today on the important issue…”

“I have enjoyed the remarks of my distinguished friend from New York. As we begin the debate today on the important issue of exchange rate misalignment, although it is an important debate, I seriously question its timing. Let's step back for a moment. At the end of last month, the Senate approved legislation renewing and expanding trade adjustment assistance. We need to be clear about what this program is--a big government spending program of dubious value but one that is important to President Obama's union allies. Not surprisingly, given the heft labor unions wield in the liberal political coalition, this spending program is President Obama's top trade priority, so much so that he was even willing to abandon our allies in Colombia, Panama, and South Korea unless he secured this additional spending. To get more government spending for big labor, the President was willing to hold up the three free-trade agreements with Colombia, Panama, and South Korea that everyone knows will grow this economy and create jobs. I was happy to chat with the Trade Representative a few minutes ago, and he told me he was going to send those three trade agreements up today, and they should be here between 4 p.m. and 5 p.m. I am really happy about that because it is way beyond time to get them here. Americans need to remember this episode when they hear the President talk about his commitment to job creation. Put aside all the talk, and it is clear where the rubber hits the road.…”