President Obama will use a visit to the battleground state of Virginia today to announce plans for $1 billion in competitive grants to boost manufacturing.
The president will outline a proposal to create a series of regional manufacturing institutes intended to "make our manufacturers more competitive and encourage investment in the United States," according to the White House.
Funding for the "National Network for Manufacturing Innovation" was included in the president's federal budget proposal.
Obama will detail his plan in a speech at the Rolls-Royce Crosspointe jet engine disc manufacturing facility in Prince George County, Va., just south of Richmond.
Later today, the president will travel to Houston to raise money for his 2012 campaign.