Major trade legislation favored by President Barack Obama and Republican leaders passed a Senate hurdle on Wednesday, despite opposition from some Democrats. The “fast track” bill, which would pave the way for a sweeping trade agreement among 12 Pacific countries, cleared the Senate Finance Committee by a vote of 20 to 6. It passed along with a measure backed by Sen. Chuck Schumer (D., N.Y.) that would seek to punish foreign companies that benefit from alleged currency manipulation overseas. Another key currency provision was defeated. The fast track bill’s progress in the Senate came on a day when Mr. Obama...