TRADE

Senate Panel Backs GATT: A key Senate committee endorsed the global free trade accord but dealt a setback to the Clinton Administration’s request to submit future trade pacts to Congress for expedited approval. The Senate Finance Committee vote amounts to a recommendation to the Administration, which plans this month to submit legislation implementing the 123-nation accord negotiated under the General Agreement on Tariffs and Trade. It will be considered under fast-track rules that require Congress to accept or reject the treaty without amendment. Once adopted, the bill would provide nearly $12 billion in tax increases, spending cuts and bookkeeping adjustments to offset tariffs expected to be lost during the first five years of the GATT pact. However, the Senate version does not authorize the Administration to submit future trade agreements under fast-track rules.