Obama announces $5 billion for new medical research
WASHINGTON (Reuters) – President Barack Obama announced a plan on Wednesday 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.
“This kind of investment will also lead to new jobs: tens of thousands of jobs conducting research, manufacturing and supplying medical equipment, and building and modernizing laboratories and research facilities,” Obama said in a speech at the National Institutes of Health outside Washington.