President Bush has sent bills to Congress that would implement the free trade agreement with Peru. Because the deal was negotiated before President Bush's Trade Promotion Authority expired in June, fast-track rules do apply. Congress will only be able to vote yes or no; amendments will not be allowed.
The House Ways and Means Committee has 45 days to consider the bill. If they fail to send it to the House floor in that time, it will automatically be brought to the floor for a vote within 15 days. The Senate Finance Committee then has 15 days to consider the bill and another 15 days to have a floor vote on the agreement. So one way or the other, the Peru Free Trade Agreement will decided in the next 90 days.