Video: Obama discusses new rules to deter tax inversions

President Obama spoke Tuesday about new rules aimed at deterring tax inversions, which occur when companies move abroad for lower tax rates.

Obama's remarks came a day after the Treasury Department announced a package of steps designed to make inversions less financially appealing. The use of inversions has sparked a political outcry.

Obama supports new legislation to reform corporate taxes, and several Democrats have announced bills to make it harder for U.S. corporations to invert. But prospects for passing such legislation in an election year appear low given wide differences between Democrats and Republicans on taxes.

-- Associated Press