Obama ridicules Romney's differentiation on outsourcing

'You need somebody who's going to wake up every single day & fight for American jobs & investment here in the US. That's why I am running'

President Barack Obama ridiculed the difference made by his rival Mitt Romney's Republican campaign between 'outsourcing' and 'offshoring' and said they have failed to understand the issue.

"His advisors were asked about this (about outsourcing) and they tried to clear this up by telling us there's actually a difference between 'outsourcing' and 'off-shoring'. That's what they said. You can't make this stuff up," Obama said referring to the explanation being given by the Romney Campaign.

Accusing Romney's team of failing to get an understanding of the issue, Obama said a worker whose job "went overseas" will hardly have anything to do with the "difference between outsourcing and offshoring."

The President referred to the news report by a leading daily which claimed that Romney's old firm owned companies that were instrumental in outsourcing jobs to India and China.

"Last week, it was reported that Governor Romney's old firm-owned companies were that 'pioneers' in the business of outsourcing American jobs to places like China and India," Obama said, referring to a 'The Washington Post' report.

The President claimed that the Republican's stand reflected the overall economic vision they "wanted to implement" if voted to power.

"What's important to understand is (that) Governor Romney's commitment to outsourcing is not just part of his record, it's part of an overall economic vision that he and Republicans in Congress want to implement if they win this election," he said.

"It's been voted on in Congress. It's right there on Governor Romney's website. First of all, they promise to roll back all kinds of regulation on banks and polluters and insurance companies and oil companies," Obama said.

"So that's step number one. Second, they promise not only to keep all the Bush tax cuts - not just the ones for the middle class, but for everybody, for the wealthiest Americans - but they also then want to add another $5 trillion in tax cuts on top of that, including a 25% tax cut for every millionaire in the country," Obama alleged.

Obama said that unlike Romney, he seeks to "close the outsourcing loophole" in country's tax code and wants to give tax breaks to companies who "create jobs and manufacturing" in the US.

"You need somebody who's going to wake up every single day and fight for American jobs and investment here in the US. That's what you need. That's why I am running," Obama said amidst applause from the audience.