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In addition to the investments in the Recovery Act, the budget I've proposed -- and versions have now passed both the House and the Senate -- builds on the historic investments in research contained in the recovery plan.

So we double the budget of key agencies, including the National Science Foundation, a primary source of funding for academic research; and the National Institute of Standards and Technology, which supports a wide range of pursuits from improving health information technology to measuring carbon pollution, from -- from testing "smart grid" designs to developing advanced manufacturing processes. 

And my budget doubles funding for the Department of Energy's Office of Science, which builds and operates accelerators, colliders, supercomputers, high-energy light sources, and facilities for making nano-materials -- because we know that a nation's potential for scientific discovery is defined by the tools that it makes available to its researchers.

But the renewed commitment of our nation will not be driven by government investment alone.  It's a commitment that extends from the laboratory to the marketplace.  And that's why my budget makes the research and experimentation tax credit permanent.  This is a tax credit that returns two dollars to the economy for every dollar we spend, by helping companies afford the often high costs of developing new ideas, new technologies, and new products.  Yet at times we've allowed it to lapse or only renewed it year to year.  I've heard this time and again from entrepreneurs across this country:  By making this credit permanent we make it possible for businesses to plan the kinds of projects that create jobs and economic growth.

Second, in no area will innovation be more important than in the development of new technologies to produce, use, and save energy -- which is why my administration has made an unprecedented commitment to developing a 21st century clean energy economy, and why we put a scientist in charge of the Department of Energy.  (Applause.)

Our future on this planet depends on our willingness to address the challenge posed by carbon pollution.  And our future as a nation depends upon our willingness to embrace this challenge as an opportunity to lead the world in pursuit of new discovery.

When the Soviet Union launched Sputnik a little more than a half century ago, Americans were stunned.  The Russians had beaten us to space.  And we had to make a choice:  We could accept defeat or we could accept the challenge.  And as always, we chose to accept the challenge.

President Eisenhower signed legislation to create NASA and to invest in science and math education, from grade school to graduate school.  And just a few years later, a month after his address to the 1961 Annual Meeting of the National Academy of Sciences, President Kennedy boldly declared before a joint session of Congress that the United States would send a man to the moon and return him safely to the Earth.

The scientific community rallied behind this goal and set about achieving it.  And it would not only lead to those first steps on the moon; it would lead to giant leaps in our understanding here at home.  That Apollo program produced technologies that have improved kidney dialysis and water purification systems; sensors to test for hazardous gasses; energy-saving building materials; fire-resistant fabrics used by firefighters and soldiers.  More broadly, the enormous investment in that era –- in science and technology, in education and research funding –- produced a great outpouring of curiosity and creativity, the benefits of which have been incalculable.  There are those of you in this audience who became scientists because of that commitment.  We have to replicate that. 

There will be no single Sputnik moment for this generation's challenges to break our dependence on fossil fuels.  In many ways, this makes the challenge even tougher to solve –- and makes it all the more important to keep our eyes fixed on the work ahead.

But energy is our great project, this generation's great project.  And that's why I've set a goal for our nation that we will reduce our carbon pollution by more than 80 percent by 2050. And that is why -- (applause) -- and that is why I'm pursuing, in concert with Congress, the policies that will help meet us -- help us meet this goal.

My recovery plan provides the incentives to double our nation's capacity to generate renewable energy over the next few years -- extending the production tax credit, providing loan guarantees and offering grants to spur investment.  Just take one example:  Federally funded research and development has dropped the cost of solar panels by tenfold over the last three decades. Our renewed efforts will ensure that solar and other clean energy technologies will be competitive.

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