TRADE

McCAIN and OBAMA would both seek a fresh grant of Trade Promotion Authority (once called fast-track), requiring Congress to consider any trade pacts the White House negotiates on a straight up-or-down vote. Odds are that Congress would give either of them such a grant. But the Democratic majorities in both chambers, almost certain to increase in November, will include requirements that future trade negotiations include enforceable environmental and labor standards, as well as requiring closer consultation between the White House and Capitol Hill during negotiations. Such strings mean that McCAIN and Congress would be likely to butt heads regularly over the former's aggressive pursuit of bilateral and regional trade deals. OBAMA would seek fewer such pacts, but his would stand a better chance of smooth passage.

McCAIN and OBAMA would both pursue stricter enforcement of existing international trade agreements. OBAMA would likely be the more aggressive of the two, particularly in bringing suits against China before the World Trade Organization. McCAIN would focus more on resolving disputes behind the scenes through negotiation.

OBAMA would support an expansion of Trade Adjustment Assistance along the lines Congressional Democrats proposed in 2007. He would extend the program's benefits to service workers and allow workers in vulnerable sectors to take advantage of retraining before they lose their jobs. McCAIN would balk at the expense involved in such a broadening of TAA, as President Bush has. He would concentrate more on education reform, focusing in particular on improving U.S. competitiveness over the long term.