Republicans 'rewarding' companies creating jobs overseas: Obama

In the midst of a heated mid-term Congressional election campaign, US President Barack Obama today charged the opposition Republicans with rewarding companies that create jobs and profits overseas.

Obama also laid out a policy agenda that would strengthen the US economy and create jobs in America by offering tax incentives to businesses that hire new employees, making the research and experimentation tax credit permanent and providing a tax cut for clean energy manufacturing.

Ahead of the November Congressional polls, the President said he wants to close tax loopholes worth billions of dollars that encourage companies to invest overseas, while alleging that Republicans in the House of Representatives have voted 11 times in just the last four years to keep those loopholes open.

"For years, our tax code has actually given billions of dollars in tax breaks that encourage companies to create jobs and profits in other countries. I want to close these tax loopholes. Instead, I want to give every business in America a tax break so they can write off the cost of all new equipment they buy next year," Obama said in his weekly radio address.

"That's going to make it easier for folks to expand and hire new people. I want to make the research and experimentation tax credit permanent. Because promoting new ideas and technologies is how we'll create jobs and retain our edge as the world's engine of discovery and innovation. And I want to provide a tax cut for clean energy manufacturing right here in America. Because that's how we'll lead the world in this growing industry," he said.

These are commonsense ideas, he said, adding that when more things are made in America, more families are benefited in America; more jobs are created in America; and more businesses thrive in America.