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.
"We believe it is essential for the Egyptian government to continue to fill Egypt`s role as a pillar of regional peace, security and stability. We will continue to emphasize this message with the new government and structure our engagement accordingly," Carney said.
The White House official said the US looks forward to discussing a range of issues, including its regional security concerns, with the new government.
"Now, it is perfectly appropriate for a nation like Egypt to have relations with its neighbours. But again, we look to Egypt to continue its significant role as a pillar of regional peace and stability," he said when asked about reports that new Egyptian Government may want to restore ties with Iran.
"It is appropriate for a nation like Egypt to have relations with other nations in the region. The issue that I think we are focused on is that Egypt continues to fulfill its role as a pillar of regional security and peace and stability," he said.
Meanwhile, State Department spokesperson, Victoria Nuland told reporters that the President-elect not only has to form a government, but there has to be a resolution to the issues surrounding the seating of a constitutional assembly that can write a constitution and get to a democratically elected parliament.
"So there are a lot of issues ahead, and yes, it is going to be challenging. Egypt is going to need our support, it`s going to need the international community`s support, but all of these steps and all of the actors involved need to be true to the spirit and the values that spurred Egypt to this point," she said.
"We look forward to talking to President-elect Mursi and his whole government about Egypt`s relationships in the neighborhood going forward, its upholding of all of its international obligations, including obligations vis-a-vis Iran," Nuland said.