President Obama is speaking at a construction site in Springfield, Virginia, promoting his stimulus bill.

He mentioned the recent layoffs by Caterpillar Inc., the giant manufacturer of construction equipment, and a recent statement by the CEO that if the stimulus package passed, they would be able to rehire some of those laid-off workers. Obama will be visiting a Caterpillar plant tomorrow.

Say, President Obama, perhaps you ought to also pay attention to what the company is saying about the “Buy American” provisions in the legislation:

Likening the “Buy American” provisions still contained in economic stimulus bills being negotiated in Congress to “economic snake oil,” company spokesman Jim Dugan said it could cause foreign trade to be stymied, if not halted. The impact on Caterpillar jobs here and abroad as well as other U.S.-based companies could be devastating, he said.
“It sounds great on its face. But it would have significant negative impact on us and ultimately, on the economy as a whole,” Dugan said. “Like snake oil, it sounds great but would make the economy sicker.” While the “Buy American” language has been watered down as the negotiations on a package continue, there are still some provisions of it in both the Senate and House versions, Dugan said.
Caterpillar is concerned any Buy American clause that would somehow penalize U.S. companies that import goods into this country would in turn cause foreign countries to curtail or even ban U.S. exports . . .
Dugan cited the fact that 56 percent of the products Caterpillar makes in East Peoria and nearly 80 percent of what it builds in Decatur are exported.
In 2008, the company exported just over $16 billion worth of products, up from about $9 billion just three years earlier.
“Obviously, is it a significant part of our business and provide thousands of jobs and supports to countless other jobs for our dealers and suppliers. Most of the steel we use, for example, is from U.S. suppliers and that steel is what gets exported on our machines. So it would affect the steelmaker, too.
“Exports from Caterpillar and other companies support a significant number of U.S. jobs. Think of the impact we’d see if key export markets were closed to us if we set trade restrictions and other countries followed suit in retaliation,” he said.