America’s economic growth and competitiveness depend on its people’s capacity to innovate. We can create the jobs and industries of the future by doing what America does best – investing in the creativity and imagination of our people.
To encourage the innovation that will win the future, the Budget includes:
- $148 billion for R&D overall; robust investment in biomedical research at NIH ($32 billion, a $740 million increase over 2010 enacted level, post-transfers); more than doubles energy efficiency research, development, and deployment funds; and continues our efforts to double investments in key basic research.
Supports the goals of: putting one million electric vehicles on the road by 2015; doubling share of electricity from clean energy sources by 2035; and reducing buildings’ energy use by 20 percent by 2020.
- Elimination of 12 tax breaks to oil, gas, and coal companies will raise $46 billion over 10 years to help pay for programs to reach these goals.
- Simplifies, expands, and makes permanent R&D tax credit.
- Establishes 20 new Economic Growth Zones, hard-hit areas that will receive expanded tax incentives to spur investment and employment.
In this White House White Board, Austan Goolsbee, Chairman of the Council of Economic Advisers, explains how the new Startup America program will help entrepreneurs overcome what’s often called the "valley of death" on the way to success and help America win the future.
A Strategy for American Innovation
President Obama’s Strategy for American Innovation seeks to harness the ingenuity of the American people to ensure economic growth that is rapid, broad-based, and sustained. This economic growth will bring greater income, higher quality jobs, and improved quality of life to all Americans.