Washington: Fifty members of the US House of Representatives have announced that they are introducing a Bill that would deny American companies Federal financing and loan guarantees if they shift the jobs overseas.

'The Defending American Jobs Act' was written by Congressman Bernard Sanders, the only independent member in the House. It will be cosponsored by about 50 other representatives, including Republican Ron Paul of Texas and Virgil Goode of Virginia.

Democratic candidate for the Presidency Senator John Kerry has gone to the extent of calling CEOs of companies outsourcing "Benedict Arnolds," i.e., traitors to the United States like the General in the Revolutionary War against the British who defected to the British.

Senate Democrats, including Senator Christopher Dodd, have introduced similar legislation in the Senate.

According to an ABC-TV poll, 57 per cent of Americans polled think President George W Bush does not understand the problems of ordinary Americans, with overwhelming majorities disapproving of the way the President has been handling both the economy and job creation.

Former Vermont Governor Howard Dean, unsuccessful candidate for the President who has so far won only his State in the primaries, told ABC News, "I think the Bush Administration is completely out of touch with the lives of ordinary Americans.

"A $ half trillion debt (this year's anticipated Budget deficit) is going to have to be paid at some point by somebody sooner or later and it is the very people whose jobs the President is sending offshore."