Thursday, March 09, 2006

Port Deal Near End

Republican congressional leaders told President Bush Thursday the House and Senate both appear ready to block a Dubai-owned company from taking over operations of several U.S. port terminals. This has been a hot topic since it broke a month ago, there was many calling for they end of the deal on the claims that it would be dangerous to national security.
Dubai has since proceeded with a 45 day review of the deal to ease the collective mind of the American people. President Bush has promised to veto any legislation blocking or delaying DP World from being able to operate U.S. port terminals as part of its takeover of Peninsular & Oriental Steam Navigation Co. , a British company that now holds the contracts at the terminals.
On Wednesday the House Appropriation Committee voted by a margin of 62-2 to ignore that threat and voted to bar DP World, which is run by the government of Dubai in the United Arab Emirates, from holding leases or contracts at U.S. ports.
Since House lawmakers attached the ports language to a must-pass $91 billion measure financing hurricane recovery and the wars in both Iraq and Afghanistan, President Bush's threats of a veto might not carry as much weight. This measure all but dooms this deal, which in my opinion never had a chance to begin with. We will have to wait and see what happens next, whatever it is, it's sure to happen soon.

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