U.S. President Barack Obama on Tuesday praised recent moves by the Treasury Department to reduce overseas corporate tax evasion. The president also called on Congress to eliminate loopholes that allow American companies to avoid paying a sufficient share of taxes.

"I'm very pleased that the Treasury Department has taken new action to prevent more corporations from taking advantage of one of the most insidious tax loopholes out there in fleeing the country just to get out of paying their taxes. When companies exploit loopholes like this, it makes it harder to invest in the things that are going to keep America's economy going strong for future generations. It sticks the rest of us with the tab," he said.