Jeff Bingaman United States Senator from New Mexico

WASHINGTON – In an effort to bolster job creation in the United States, U.S. Senator Jeff Bingaman today will vote to approve U.S. trade agreements with South Korea, Panama and Colombia.

Of the three trade agreements, the pact with South Korea holds the most potential for creating jobs in New Mexico.  That agreement ends South Korea's tariffs on most U.S. agricultural products and phases out its 40 percent tariff on beef over the next 15 years.

"One way to create jobs is to export American goods to other countries.  These trade agreements open up new opportunities for American businesses in general, and for New Mexico farmers and ranchers in particular," Bingaman said.

In anticipation of the passage of the three trade agreements, the Senate last month approved the extension of an initiative that aids workers who are hurt by international trade.  That program, called Trade Adjustment Assistance or TAA, provides job training and other benefits to American workers who have lost their jobs because of international trade.   The House of Representatives approved that same measure today.

Bingaman is a member of the Senate Finance Committee, which has jurisdiction over U.S. trade policy and TAA.

Bingaman also expressed disappointment that a measure put forward by President Obama to create more than 2 million new jobs through a combination of infrastructure investments and tax incentives was defeated late Tuesday.  Unfortunately only Democrats voted for the measure, so it lacked the 60 votes needed to end a Republican-led filibuster.

Among other things, the American Jobs Act cuts payroll taxes in half for working Americans and for employers. The job creation legislation was fully paid for with a 5.6 percent surtax on millionaires.

"Our economy needs help right now.  Americans have a right to be angry that critical jobs legislation is being blocked," Bingaman said. "President Obama's plan would have put at least 2 million Americans back to work.  I am disappointed that we could not get bipartisan support for it."