Mr. FALEOMAVAEGA. Mr. Speaker, the catchword is ``innovation.'' President Obama has made it clear that on the road to economic recovery we must also make long-term investments in American innovation.
In his FY 2013 budget proposal, President Obama reasserted his commitment to an agenda that supports startups and small businesses, where new jobs are created. President Obama proposed to expand tax relief while eliminating regulations that prevent aspiring entrepreneurs from getting the financing that is needed to grow.
The President's budget also calls for a $2.2 billion investment to support advanced manufacturing research and development programs to assist our business community throughout the country. President Obama's budget also creates a manufacturing capacity for vital defense technologies and dramatically improves production and distribution of manufactured goods.
Mr. Speaker, I commend President Obama for his commitment to keeping [Page: H817] America the global frontrunner in innovation. END