Obama says Senate bill on tax havens would stop abuses

WASHINGTON (Reuters) - U.S. President Barack Obama said on Tuesday a proposal by Senate Democrats to clamp down on overseas tax havens would stop billions of dollars worth of abuses.

"Shortly after taking office, I laid out a set of proposals to crack down on illegal overseas tax evasion. The legislation introduced today would fulfill that promise, putting a stop to billions of dollars worth of abuses," Obama said in a statement.

"I look forward to working with Congress to turn these proposals into law so that honest Americans no longer shoulder the burden of the few individuals and businesses that put profit before responsibility," he said.

(Editing by Vicki Allen)