Obama speech: Bad news for Indian Cos

Indian companies received a bad news from US President Barack Obama on Wednesday, when in his first address to the Congress he said that there will be no tax breaks in outsourcing.

He said, "In this budget, we will end education programs that don’t work and end direct payments to large agribusinesses that don’t need them. Well eliminate the no-bid contracts that have wasted billions in Iraq, and reform our defense budget so that were not paying for Cold War-era weapons systems we don’t use."

"We will root out the waste, fraud, and abuse in our Medicare program that doesn’t make our seniors any healthier, and we will restore a sense of fairness and balance to our tax code by finally ending the tax breaks for corporations that ship our jobs overseas," added Obama.