President Barack Obama is pledging new incentives for companies that create jobs in the United States, and he intends to punish those sending work abroad.

During his weekly Internet and radio address Saturday, the president said he will be "putting forth new tax proposals that reward companies that chose to do the right thing by bringing jobs home and investing in America and eliminate tax breaks for companies that move jobs overseas."

Earlier this week, the president told a gathering of business executives at the White House that he would "make sure you've got a government that does everything in its power to help you succeed."

The president has also proposed streamlining six trade and commerce agencies to cut bureaucracy and improve services by government agencies.

In the Republican weekly address, Senator John Hoeven of North Dakota chastised President Obama for not approving the Keystone XL pipeline project.

He says the project and would create thousands of jobs and take thousands of barrels of oil from Canada, and Senator Hoeven's home state and Montana to U.S. refineries, lowering America's dependency on foreign oil.

The Obama administration says more time is needed to review the project.

Some information for this report was provided by AP, AFP and Reuters.