Raymond Richman - Jesse Richman - Howard Richman
Richmans' Trade and Taxes Blog
Senator Elizabeth Warren of Massachusetts gets credit for this one. She led the Democratic Senators in a rebellion. Previously, they had backed everything that Obama had sent down the pike. All but one of the Democrats voted against the bill.
One of the issues was the sports shoe contest. The Bangor Daily News explains:
Meanwhile, Senator McConnell was reluctant to compromise with Democrats on the procedural vote, possibly because he would be losing his own Senators on the votes to follow. If he had continued, five had already announced that they were planning to oppose Fast-Track, including Mike Lee two days ago and Rand Paul today. And others were wavering including Sen. Collins of Maine, who was careful to point out in her comments afterward that her vote did not mean that she favored Fast Track:
Less than two weeks ago, Trade Promotion Authority came out of the Senate Finance Committee with a huge head of steam. But successful lobbying by the opposition stopped it in its tracks.
Their fellow Republican Senators cannot be happy with Senators Hatch and McConnell at the moment. Hatch brought it up in the Senate Finance Committee and McConnell before the Senate despite the overwhelming opposition of the American people, including about three-quarters of Republicans. By giving the Democratic Senators a big stand-for-the-people victory, Hatch and McConnell may have caused their party to lose the Senate in 2016.
The other big losers were presidential candidates Senator Cruz, Senator Rubio and Governor Jeb Bush, who publicly promoted giving Obama fast-track authority. Bush is now down to 5% support in the polls for the Republican primaries.
Journal of Economic Literature:
Atlantic Economic Journal: