Next week, the U.S. Senate will take up consideration of a bill to address Chinese currency manipulation. The Republican-controlled House is holding up its version of the legislation, even though it passed the House with overwhelming bipartisan support in 2010, with 99 Republicans supporting it.

Unlike other currencies, the Chinese yuan does not fluctuate freely against the dollar but is artificially pegged in order to boost China’s exports. Bringing the Chinese yuan to its equilibrium level—a 28.5 percent appreciation—is essential to creating much-needed jobs in this country. The Alliance for American Manufacturing says addressing Chinese currency manipulation would lead to:

•    The creation of up to 2.25 million American jobs.
•    An increase in U.S. GDP of $285.7 billion (1.9 percent).
•    A $190.5 billion reduction in our annual trade deficit.
•    Annual deficit reduction of $71.4 billion, or between $621 to $857 billion over 10 years, if sustained.

New data show that 2.8 million American jobs were lost or displaced over the past decade due to the growing U.S. trade deficit with China—fueled by currency manipulation.

Writing at Firedoglake, Dave Dayen called the China currency bill, A No-Cost, Bipartisan, Long-Term Jobs Measure. We know what that means: If a measure might actually work to create jobs with little cost to taxpayers, Republican extremists in Congress will block it.