WASHINGTON (AP) - Senate Republicans have killed a measure backed by President Barack Obama that would encourage companies to bring overseas jobs back to the United States.
The measure pressed by Obama's Democratic allies is rich with political symbolism, but it's an open question whether it would have had much practical impact on decisions by companies to "outsource" jobs to lower-wage countries.
Democrats advanced 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.
(Copyright 2012 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)
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