Innovation and the Budget

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Innovation and the Budget
Posted by Diana Farrell on February 03, 2010 at 01:58 PM EST
“We need to encourage American innovation. Last year, we made the largest investment in basic research funding in history – an investment that could lead to the world’s cheapest solar cells or treatment that kills cancer cells but leaves healthy ones untouched.”

- President Barack Obama, State of the Union Address, January 27, 2010

Since taking office, the President has taken historic steps to lay the foundation for the innovation economy of the future, including well over $100 billion of support for innovation in the Recovery Act, novel regulatory and executive order initiatives, and a comprehensive Strategy for American Innovation that offers a blueprint for how these investments and policy priorities will foster sustainable growth and help create high-quality jobs.

But we cannot stop there. The FY 2011 budget builds on that strategy. To create the jobs of the future and to ensure that the United States remains the world’s most dynamic economy, we must invest in American innovation by supporting the building blocks of research, development, education, and infrastructure, by promoting competitive markets that spur productive entrepreneurship, and by catalyzing breakthroughs for national priorities.

More details on the innovation components in the budget are available in this Innovation Fact Sheet.

At 5 pm EDT today, four of the architects of innovation within the White House will be discussing the innovation components of the FY 2011 budget in a live chat. Tune in at WhiteHouse.gov/Live or Facebook to watch and participate.

Diana Farrell is Deputy Director for the National Economic Council.