Obama Wants To Give Tax Incentives To Manufacturers
First Published Saturday, 18th February 2012 11:14 am - © 2012 Dow Jones
By Jared A. Favole
Of Dow Jones NEWSWIRES
President Barack Obama on Saturday reiterated that he wants to provide more tax incentives to U.S. manufacturers to spur growth, while Republicans called the president's most recent economic plan "a roadmap to Greece."
President Obama, speaking from a Boeing Co. (BA) facility in Everett, Wash., said in his weekly radio address to the nation that "No company should get a tax break for outsourcing jobs. Instead, tax breaks should go to manufacturers who set up shop here at home."
The president's budget, released Monday, includes a host of tax measures aimed at helping manufacturers and comes just a few weeks before the Obama administration is set to release their full plan for overhauling the tax code.
The president taped the interview Friday while he was touring a Boeing facility. He was scheduled to return to D.C. early Saturday morning.
Rep. Cathy McMorris Rodgers, (R., Wash.), giving the weekly radio address for the Republican Party, said the president's budget plan doesn't go far enough to lower spending and the nation's deficit.
"If we keep on going like this, the consequences will be devastating. As we've learned from Greece and the European Union, no country can escape the costs of big-government policies forever," she said. She continued, "The president's budget isn't a blueprint for America--it's a roadmap to Greece."
She said the president hasn't lived up to his promise to slash the nation's deficit in half in his first term. The White House has said no one, including many economists, realized the depth of the recession when the president pledged to cut the deficit.
The president was at the Boeing facility in part to tout exports, and he announced that he wanted to reauthorize funding for a program that helps support U.S. exports. He also said his administration would work to match financing for companies against countries like China to ensure the U.S. can compete.
-By Jared Favole, Dow Jones Newswires; 202/862-9207; email@example.com