Majority Leader Harry Reid threw cold water on fast tracking the Trans-Pacific Partnership (TPP) despite a call to do so in President Obama’s State of the Union speech. Numerous Democrats in Congress have publicly objected to fast tracking TPP given the many controversial aspects contained in the bill including removing decision making authority from sovereign countries and re-deregulating Wall Street.

Senate Majority Leader Harry Reid (D-Nev.) on Wednesday suggested he will not bring legislation to the floor that would grant President Obama greater trade powers. Reid said he is “against” trade promotion authority (TPA) legislation — often called “fast track” — that, if passed, would make it easier for Obama to negotiate trade deals by preventing Congress from amending them.

Reid also said he would not likely be giving floor time to Senator Max Baucus, a Corporate Democrat set to be named Ambassador to China. Which is ironic given that Senator Baucus has sent so many American jobs there. Senator Orin Hatch is a co-sponsor of the bill which is also backed in the Republican House by Ways and Means Committee Chairman Dave Camp.

Free Trade has already proved to be a disaster for the United States but TPP is much more than a trade deal. TPP, and its Atlantic cousin the Trans-Atlantic Trade and Investment Partnership (TTIP), set the stage for further erosion of America’s sovereign rights and the hollowing out of its economy.

Corporations would not only be able to send jobs and profits overseas, they would be able to sue the US government in corporate tribunals to do so unmolested. Any attempt by the government to regulate Big Business could also be met by a lawsuit where a corporate tribunal could overrule US law.

It was apparently not enough to buy Congress and the White House, now the transnational corporations want to rule directly.