Bill for normal trade with Russia meets opposition

A bipartisan group of US senators introduced legislation Tuesday that would scrap a decades-old law imposing trade restrictions on Moscow, saying it's necessary as Russia joins the WTO.Washington's former Cold War adversary has been given the green light to join the World Trade Organization, which means the Russian and US governments will need to grant each other permanent normal trade relations (PNTR) by the time the accession is complete.

Nobody really expected Russia and the World Trade Organization to be a match made in heaven, but the honeymoon already appears to be over.   Less than six months after becoming the 156th member of the global trade body, Russia faces potential trade disputes from the world’s two largest economies – the U.S. and European Union.  

House Republicans delayed a vote on Speaker John Boehner’s tax-increase plan and called a meeting to consider how to build support for it or decide their next move in the U.S. budget standoff. Republicans had planned to vote tonight on the measure that would allow higher tax rates on annual income above $1 million. They delayed after a related spending-cut bill passed with only a few votes to spare. Asked whether she thought the party could resurrect Boehner’s measure tonight, Representative Kay Granger, a Texas Republican, shook her head no.

Tonight during his joint address to Congress, President Obama attempted to set the record straight on some of the “key controversies” surrounding the health care debate. While it’s normal for members of the opposition party to occasionally not clap at statements with which they disagree, congressional Republicans went further tonight, being outright rude at times.

Congress overturned long-standing trade restrictions with Russia, overcoming concerns about the nation's human-rights record to achieve a top trade priority for U.S. businesses.

US President Barack Obama said Russia's pending entry into the WTO meant it was time for him to consult with Congress on ending trade restrictions on Moscow dating from the Cold War.In a meeting with Russian President Dmitry Medvedev in Hawaii, Obama committed to lifting the Jackson-Vanik amendment which restricts trade privileges to nations that limited freedom of human rights and emigration.

Russian Prime Minister Vladimir Putin on Friday praised President Barack Obama's decision to scrap plans for a missile defense system in Europe and urged the U.S. to also cancel Cold War-era restrictions on trade with Russia.