Washington week ahead: The selling of the nuclear deal

George W. Bush returns from his trip to South Asia to face a Capitol Hill that has expressed reservations over his historic nuclear deal with India.

Monday

President George W. Bush returns from his three-day trip to South Asia, which included stops in India and Pakistan. While in India, Mr Bush sealed a historic deal with India ending its long-standing pariah status as a nuclear power. India agreed to put 65 per cent of its nuclear power production by mega wattage under international scrutiny. The deal drew criticism on Capitol Hill from non-proliferation advocates who said that the deal would encourage Pakistan to seek a similar one.

Bush seals nuclear agreement with India

New data for pending home sales, which has been falling of late, comes out today. No matter the figures, due to the increase in housing prices, more and more people have been renting while they attempt to wait out the housing bubble.

Soaring cost of US homes turns spotlight on renting

Tuesday

Ever since George W. Bush said that America suffered from an oil ‘addiction’ in his state of the union address, Middle Eastern countries have been making their case for continued oil consumption. Today the US Senate takes up the issue of energy independence.

Opec accuses Bush of threatening energy security

Retail sales, which had been rising due in part to the warm weather of January, have been falling with the cold weather of February. Analysts expect this trend to continue with when the Redbook retail sales index is released today.

Vice-president Dick Cheney addresses the American Israel Public Affairs Committee Policy Conference, a lobbying group.

Thursday

In December, the US had a record trade deficit of $65.7bn, of which China accounted for 26 per cent, the most of any country. The discrepancy in what the US imports versus what it exports has caused tensions in the relationship between the two countries. The US has been pressuring China to let its currency, the renminbi, rise in value which would offset some of the deficit. Figures for January are released today.

Washington to step up pressure over renminbi

The Senate holds hearings over the supplemental budget for the war on terror.