WASHINGTON (AP) - Senate Republicans on Thursday killed a measure backed by President Barack Obama that would encourage companies to bring overseas jobs back to the United States. snip
Democrats brought the measure to the Senate floor in concert with political attacks on Mitt Romney, whose private equity firm, Bain Capital, promoted the practice of outsourcing jobs to countries like China and India.
The bill would forbid companies from deducting the expenses of moving workers or operations overseas from the U.S., and would offer a 20 percent credit for the costs of shifting workers back home.
Sen. Dick Durbin of Illinois, the No. 2 Democrat in the Senate, said the legislation "asks whether we should continue to reward and incentivize American businesses to send jobs overseas to low-wage countries or create incentives for them to bring the jobs back home."