Posted at 4:56 AM
Created on May 15, 2013
On April 10th President Obama sent to Congress a $3.78 trillion budget proposal. This budget boasts a strong investment in advanced manufacturing, innovation, and infrastructure. With every single program in this budget fully paid for, this proposal sustains itself without adding a dime to the deficit. The FY 2014 President’s Budget, when combined with the deficit reduction already achieved, allows us to exceed the goal of $4 trillion in deficit reduction, while growing the economy and strengthening the middle class.
The main pillars of this budget are making America a magnet for jobs, and advancing our global competitiveness, with the Department of Commerce being one of the agencies leading the effort. The President’s Budget requests $8.6 billion for the Department. As promised in his 2013 State of the Union, President Obama has provided funding to create a network of up to 15 manufacturing institutes across the nation in order to turn regions left behind by globalization into global centers of high-tech jobs.
Moreover, to further advanced manufacturing in America, the budget includes $113 million for an Investing in Manufacturing Communities Fund to provide targeted financial assistance for about five manufacturing communities that have developed comprehensive strategies to strengthen their manufacturing potential. The President also requested a $25 million increase for the Hollings Manufacturing Extension Partnership to assist manufacturers in adopting new technologies to improve America’s competitiveness, and $21 million for the Advanced Manufacturing Technology Consortia to develop road maps that would address common challenges faced by manufacturers.
To further support the initiative of attracting foreign investments in America the budget has allotted $21 million to SelectUSA. This program works in partnership with state and local authorities to help them attract investments into American communities.
Finally, to advance the minority and women owned business sector, $29.3 million has been included for the Minority Business Development Agency. This budget will assist MBDA in supporting the expansion of U.S. businesses that are minority-owned, with a specific focus on minority firms operating in high-growth industries such as green technology and clean energy.
Over the coming months, Congressional appropriators will hold a series of hearings to discuss the President’s Budget and begin work on funding bills for FY2014.
Earlier this year, Congress passed an appropriations bill to fund the Department of Commerce for FY 2013. President Obama signed the measure on March 26, 2013
Download U.S. Department of Commerce’s Fiscal Year 2014 budget request.