Obama ridicules Romney`s differentiation on outsourcing

President Barack Obama ridiculed the difference made by his rival Mitt Romney`s Republican campaign between `outsourcing` and `offshoring`.

Washington: 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 was 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 USD 5 trillion in tax cuts on top of that, including a 25 per cent 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.


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