Wednesday, February 15, 2012,
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During the State of the Union Address, President Obama laid out a blueprint for an economy that is built to last. Today, he released the FY 2013 budget request, which illustrates how we put that blueprint to work by jumpstarting job creation and other investments needed to grow the economy put more Americans back to work. The FY2013 Budget proposes more than $350 billion in short-term measures for job growth starting this year. The Department of Commerce's $8 billion request includes a nearly 5 percent increase, reflecting President Obama and Commerce Secretary Bryson's commitment to an economic agenda with critical investments in advanced manufacturing, innovation, entrepreneurship, competitiveness, and trade promotion.
Commerce plays a critical role in supporting entrepreneurs and business owners who create jobs. Its budget reflects Secretary John Bryson's commitment to attracting more investment to America to help American businesses build it here and sell it everywhere. The Department's budget for the U.S. Economic Development Administration (EDA) is $219.7 million, which Includes $25 million to the new Regional Innovation Strategies Program, $60 million for the Economic Adjustment Assistance (EAA) and $40.5 million for the 21st Century Innovation Infrastructure Program.
Public works and infrastructure investments are traditionally a major component of EAA investments and remain a critical building block for development in distressed and underserved communities. The EAA program not only supports traditional public works projects, but also supports other tools that enhance contemporary economic development, particularly access to capital through the revolving loan fund.
EDA's FY 2013 budget, which is built on two key pillars - innovation and regional collaboration - aligns with the goals of the Administration and will allow the agency to continue to build on the success of its Jobs and Innovation Accelerator Challenge and i6 competitions, while drawing on its long history of supporting bottom-up, place-based investments to foster economic and job growth across America's regions.
As President Obama said today, "we are seeing signs that our economy is on the mend. But we are not out of the woods yet." The FY13 budget proposal is a step in the right direction and serves as a roadmap for how we can grow the economy, create jobs, and increase the nation's global competitiveness.
Read Commerce’s FY 2013 Budget Proposal.
Read President Obama’s Remarks About the Budget.
Check out the Entire FY 2013 Budget Proposal.
