Baucus Calls Record Trade Deficit Unsustainable
Finance Chairman calls for action to boost exports and open markets
Washington, DC – U.S. Senator Max Baucus (D-Mont.), Chairman of the Senate Finance Committee, commented today on the record trade deficit announced by the Commerce Department. The latest figures for international trade in goods and services showed America bringing in $763.6 billion more in imports than we sent out in exports for 2006 – a more than six percent increase over the record 2005 trade gap. Our trading deficit with China also grew 15 percent for another record of $232.5 billion.
“We can’t keep racking up these record trade deficits. We’ve got to sell more than we buy,” Baucus said. “On trade, just like our domestic budget, we need to chart a new course away from deficits and toward a more balanced economy. Here at home, we have to boost exports, increase savings, and help make our workers and businesses more competitive in the global market. Abroad, we have to take tough action to open markets and make sure our trading partners play by the rules.”
The Senate Finance Committee has jurisdiction over U.S. trade policy. As Chairman, Baucus is leading the effort to make trade work better for American workers, farmers, and ranchers. The Finance Committee will hold a hearing on the 2007 trade agenda with U.S. Trade Representative Susan Schwab on Thursday, February 15, at 10:00 a.m.
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