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CARACAS, Venezuela (AP) — Venezuelans are dumping their rapidly-depreciating currency at a quicker pace, leading to a staggering plunge in its free-market value, as the crisis-plagued economy edges closer to an outbreak of hyperinflation.
The US Senate overcame bitter divisions on trade policy and passed legislation that gives President Barack Obama authority to swiftly conclude a landmark Pacific Rim trade accord. The measure now heads to the House of Representatives where its fate is uncertain. Passage of the so-called trade promotion authority bill allows the administration to finalize negotiations with 11 other Asian and Pacific nations and bring the trade deal to Congress for an up-or-down vote, with lawmakers not permitted to make changes.
WASHINGTON (AP) — In a victory for President Barack Obama, the Senate passed bipartisan legislation Friday night to strengthen the administration's hand in global trade talks, clearing the way for a highly unpredictable summer showdown in the House.