Obama clears hurdle to FTAs with S. Korea, Colombia, Panama

U.S. President Barack Obama has reached a deal with congressional Republicans on the terms of the Trade Adjustment Assistance (TAA) program, clearing a major obstacle to the ratification of bilateral trade pacts with South Korea, Colombia and Panama, the White House announced Tuesday.
"As a result of extensive negotiations, we now have an agreement on the underlying terms for a meaningful renewal of a strengthened TAA," press secretary Jay Carney said in a statement.
TAA is designed to provide re-training and health care benefits for workers who have lost jobs due to import competition. Obama has said he would not submit the free trade agreements with the three nations before resolving the TAA issue. But the Republicans had refused to agree on progress on TAA, citing budget constraints.
"The president embraces these critical elements of TAA needed to ensure that workers have the best opportunity to get good jobs that keep them in the middle class. Now it is time to move forward with TAA and with the Korea, Colombia, and Panama trade agreements, which will support tens of thousands of jobs," Carney added.