President pledges $5B for research, job creation

President Barack Obama announced a plan yesterday to spend $5 billion on medical and scientific research, medical supplies and upgrading laboratory capacity, which he said would create tens of thousands of new jobs.

The funds, to come from the $787 billion economic stimulus package, will pay for “cutting-edge medical research in every state across America,” the White House said.

One billion dollars will go to research into the genetic causes of cancer and potential targeted treatments. Obama also promised a large infusion of funds into research on autism, which affects an estimated 1 in 150 U.S. children.

The awards will take the form of grants, meaning that institutions and researchers will have to apply for them. More than $1 billion will go to genomic research.