Senate leaders, after personal intercessions by President Obama, reached an agreement Wednesday on a path to grant the president accelerated power to complete a sweeping trade accord ringing the Pacific Ocean — just a day after fellow Democrats had blocked him.

The larger aim is to secure a 12-nation agreement known as the Trans-Pacific Partnership, spanning the Pacific from Canada and Chile to Japan and Australia and encompassing 40 percent of the world’s economic output. Mr. Obama sees the pact as a central part of his economic legacy, the largest trade deal in two decades and the realization of his foreign policy pivot toward Asia.

It also means money. Major American business interests, from Nike to Boeing and Hollywood to Silicon Valley, want the deal badly. Labor and environmental groups see it as a threat to American workers at the expense of profits.

A series of trade-related votes will begin Thursday and stretch well into next week. The trade promotion authority would give the president the ability to move more quickly on the deal, leaving Congress with the power to vote up or down on the agreement but with no ability to amend it.

I had hoped that they would have at least made it a full day,