Obama added, "If those students start seeing a closed door, then we are losing what is one of our greatest competitive advantages."

Over the last two months, has been swelling again after . If recent demand continues to grow, the legal cap of 85,000 visas for fiscal 2010 will be reached in a matter of weeks, if not sooner.

H-1B visa demand typically tracks the economy, and Friday's jobs report showing a loss of only 11,000 U.S. jobs in November, compared to 741,000 in January, may well explain why the pace of visa petitions has picked up. The White House called the November jobs numbers a "dramatic improvement" over recent months.

The increase in demand for H-1B visas may also be signaling renewed interest in offshore outsourcing by U.S. firms, which could lead to domestic job cuts. Moreover, companies that have already cut U.S. workers may turn to overseas labor to help meet increasing demand, which in turn could increase demand for the visas by offshore firms.

At the same time, offshore outsourcing appears poised to pick up. A survey of 80 financial services firms conducted by NelsonHall, an outsourcing advisory company, found that that 37% of enterprises expect to increase their use of offshore outsourcers over the next year, after a relatively flat year.