He added that instead of the tax loopholes that encouraged investment in overseas jobs, the administration was proposing a more generous, permanent extension of tax credit that went to firms for all their research and innovation they would do in the United States.

"I am proposing that all the U.S. businesses should be allowed to write off all the investment they do in 2011. This will help small businesses upgrade their plants and equipment," Obama added.

U.S. economic expansion lost momentum to an annual rate of 1.6 percent in the second quarter of this year, the slowest quarterly gain since the U.S. economic activities began to pick up in the second half of last year.

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