President Obama: 2011 Budget Contains Investments to Boost Economy

"That's really the key to our economic future," Orszag told ABC News. "In addition to spurring job creation now, we need to build a new foundation of economic growth over time and that involves a better education system. It involves investing in research and development to spur innovation. It involves moving to a clean energy future."

Orszag said the budget would expand research and development by $3.7 billion -- for a total of $61.6 in civilian R&D -- "to spur innovation by roughly 6 percent ... and includes more than $6 billion in funding to spur clean energy, both of which is intended to again move us toward that clean energy future and works in concert with the elimination of the subsidies of fossil fuels to move us aggressively there."

On the international front, the president is asking Congress for $33 billion for a 2010 supplemental request for the surge of troops to Afghanistan, and $159.3 billion for 2011 to support ongoing overseas contingency operations, including funds to implement the president's strategies for Afghanistan and Pakistan.

The president is also proposing $734 million more be spent to support the deployment of up to 1,000 new Advanced Imaging Technology screening machines at airport checkpoints and for new explosive-detection equipment for baggage screening, and more funding to increase the number of international flights covered by federal Air Marshals.

Other Proposals

Obama is proposing more than $300 billion in tax cuts in the next decade for individuals, families and businesses, including $100 billion for immediate job-creating investments in small business tax cuts, infrastructure and clean energy; eliminating the tax on capital gains tax on new investments in small business; extending for one year the provision in the stimulus bill allowing small businesses to immediately expense up to $250,000 of qualified investments; increasing of the child care tax break for middle-class families; and extending the Making Work Pay Tax Credit from last year, "because middle class families continue to suffer disproportionately during an economic downturn," Orszag said.

"We recognize that while we have made progress on jobs we have not made enough," Pfeiffer said. "There are still one in 10 Americans looking for work. The president certainly doesn't find that acceptable."

The president is requesting about $237 million for the federal government to purchase, modify and operate the Thomson Correctional Center in Illinois, where the administration is planning to relocate prisoners at the Guantanamo Bay detention camp in Cuba. This is part of the Justice Department budget.

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