For now, Obama is upbeat. Arriving in Iowa on Wednesday, he jogged, grinning, to a rope line of a couple of dozen supporters. He later struck a defiant tone against congressional Republicans that was even sharper than the repudiation he offered Tuesday in his State of the Union address.
"Our economy is getting stronger, and we've come too far to turn back now," he told workers and guests at a plant in Cedar Rapids. Obama toured the plant, which makes giant conveyor belt screws, before addressing the crowd about the importance of bringing manufacturing back to American shores. The president said he wanted to restore the basic promise of America, "and it starts with manufacturing."
Speaking of Republicans, he said, "Their philosophy is simple: We're better off when everyone is left to fend for themselves and play by their own rules."
"Well, I am here to say they are wrong," he said.
The president said he wants to restore the basic promise of America, "and it starts with manufacturing."
His plan relies largely on changing the tax code to discourage American companies from moving operations overseas in search of cheaper costs. He proposed doing away with deductions available to companies that close plants in the United States, and he called for a new 20 percent income tax credit for companies that return. He proposed tailoring a deduction for domestic production to apply more narrowly to manufacturing, leaving out oil production. The idea is to provide temporary tax credits to boost domestic manufacturing in clean energy.
