Democratic Leadership Capitulates to Globalization, Agrees to "New Trade Policy for America."

May 11 (EIRNS)--House Speaker Nancy Pelosi and others in the Democratic leadership in the House, joined with Republicans and the Bush Administration on May 10 to announce an agreement on what a House Ways & Means Committee press release calls "a new trade policy for America," and a "fundamental shift in U.S. trade policy" -- but which in fact will only hasten the disintegration of the U.S. economy and the loss of the U.S. manufacturing base.

Under the agreement, pending Free Trade Agreements will be amended to include environmental and labor provisions, in order to "spread the benefits of globalization here and abroad;" the agreement is intended to clear the way to bring previously-stalled Free Trade Agreements to a vote soon -- particularly those pertaining to Peru and Panama. Much less likely to win approval, are those pertaining to Colombia and Korea.

Concessions agreed to by the Administration, according to senior committee Republican Rep. Jim McCrery (R-LA) include demands that U.S. trading partners abide by certain rules on the environment, intellectual property, investments, port security, and labor policies.

The Hill reports that six House Democrats had asked Pelosi and Democratic Caucus chairman Rahm Emmanuel (D-IL) to hold off on the announcement of the agreement until the full Democratic caucus had reviewed it, but they were rebuffed by the Speaker; the six, including Rep. Mike Michaud (D-ME), said they were trying to avoid a split in the Democratic caucus, "given the devastating effects of splits in the past."

The Hill also says that "it is unclear whether the new deal will win support for even the Peru and Panama deals" from the anti-free trade forces within the Democratic Party.