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Obama Announces $5 Billion In Research Grants

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Sep 30, 2009 11:19 am US/Central

Obama Announces $5 Billion In Research Grants

National Institutes Of Health Grants Support Research Into Cancer Cure

 Timeline: U.S. Credit Crunch & Financial Failures

 CBS News Interactive: Cancer
WASHINGTON (CBS News) ― President Barack Obama has announced $5 billion in government grant money to help pay for research into cures for cancer and other diseases.

Obama traveled to suburban Maryland Wednesday to make the announcement at the National Institutes of Health, where he paid tribute to federal employees who "save countless lives."

The president said "we know that that the work you do would not get done if left solely to the private sector." He said he is making a "historic commitment" to new research to save and enrich the lives of people. Obama said the money from the $787 billion economic stimulus law represents the "single largest boost" to biomedical research.

Obama said the new research projects will focus on cancer, heart disease and autism, among other subjects. Obama added the research funding will create thousands of jobs.

(© 2010 CBS Broadcasting Inc. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed. The Associated Press contributed to this report.)

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