Senate to take up China currency bill next week

"China trade is a jobs bill that's been long, long overdue," said Senate Majority Leader Harry Reid (D-Nev.) at a press conference Monday evening. "It's a bipartisan bill and I feel very comfortable we're going to pass it."

China's undervalued currency has been seen for several years by Democrats as another contributing factor to U.S. job losses, and the China legislation has been threatened but never passed by both chambers.

The Senate will take a cloture vote on the bill at about 5:30 p.m. on Monday.