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Two senators unveil plan to eliminate trade gap
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| Contributor | Penguin |
| Last Edited | Penguin Sep 15, 2006 12:14am |
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| Category | Proposed Legislation |
| News Date | Thursday, September 14, 2006 06:00:00 AM UTC0:0 |
| Description | WASHINGTON (Reuters) - Any company that wanted to import goods into the United States would have to get a government certificate under a plan to eliminate the U.S. trade deficit proposed by two Democratic senators on Thursday.
"We're choking on trade debt and it is becoming a bigger and bigger danger to our country by the day," said Sen. Byron Dorgan, a North Dakota Democrat. "We need a new strategy and that is what we are proposing today."
The U.S. trade gap reached a record $717 billion in 2005 and is on track to exceed $800 billion this year. About a quarter of the deficit is with China alone.
Dorgan and Sen. Russell Feingold, a Wisconsin Democrat considering a presidential run in 2008, said the bill would create a market-based system to cut the trade deficit to zero within five to 10 years. |
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