White House cites concerns on currency bill

AP News
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Posted: Oct 05, 2011 2:32 PM
White House cites concerns on currency bill

The White House says it has concerns that a bill to punish China for undervaluing its currency and taking away American jobs could conflict with U.S. international obligations.

Press secretary Jay Carney says the concerns are being discussed with members of Congress. He stopped short of saying President Barack Obama would veto the bill if it reached his desk, but he said the concerns should be addressed.

The measure enjoys bipartisan support in the Senate where it is moving to a final vote in coming days. But Republican House Speaker John Boehner has announced his opposition, making prospects dim in the GOP-led House.

The Senate bill does not specifically mention China but sets in motion a process for imposing punitive tariffs on a country with misaligned currencies.