Soaring global oil prices sent the U.S. trade deficit to an all-time high
Media Release
Sep. 12, 2006

Soaring global oil prices sent the U.S. trade deficit to an all-time high, and Democrats hoping to take control of Congress said the figures showed Republican policies have failed.

These record trade deficits are proof positive that the current trade agenda is not working for America," said Rep. Charles Rangel (news, bio, voting record), D-N.Y., who is in line to become chairman of the House Ways and Means Committee if Democrats take control of the House. "America's trade policies are a miserable failure," said Sen. Byron Dorgan (news, bio, voting record), D-N.D. "We are choking on debt, a substantial portion of which we owe to China and Japan." Through July, the deficit is running at an annual rate of $776 billion, putting the country on course to rack up a record deficit for the fifth straight year. The Citizens Trade Campaign, a vocal opponent of administration trade policies, said polls show that the huge trade deficits and the loss of good manufacturing jobs are key concerns for voters.

Soaring global oil prices sent the U.S. trade deficit to an all-time high
Media Release
Soaring global oil prices sent the U.S. trade deficit to an all-time high, and Democrats hoping to take control of Congress said the figures showed Republican policies have failed.
READ MORE>>

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