Portman said the administration has failed to name Chinese currency manipulators eight times. The administration was supposed to release the semi-annual currency report on Monday, but instead announced that it would delay the release until after the November elections.
“This is not the first time that the President’s campaign-driven words and promises have proved empty,” Portman said. “During his transition, President-elect Obama told Americans that his stimulus plan would reduce unemployment to 5.5 percent by now. Shortly after his Inauguration, he further promised he would cut the deficit in half by the end of his first term. Today, under the President’s failed policies of taxing, spending, and borrowing over the past 4 years, our nation’s unemployment remains stubbornly high at 7.8 percent and our debt has soared to record heights of $16 trillion.”
Obama won Ohio in 2008 and is fighting against GOP presidential candidate Mitt Romney to keep it in the Democrats’ column in 2012.
Portman said new leadership is needed in the White House to deal with the currency problem, which disadvantages U.S. businesses.
“In order to give our economy a shot in the arm and improve the livelihood of struggling middle class families, we need new leadership that is willing to stand up to China, decrease burdensome regulations on businesses, and pursue pro-growth policies that spur job creation," Portman said.
Former President George W. Bush declined to name China as a currency manipulator during his administration as well.