US President Barack Obama on Wednesday unveiled five billion dollars in funding from his mammoth economic stimulus plan to fund cutting-edge research on diseases such as cancer and AIDS.
Obama made the announcement during a visit to the National Institutes of Health campus in Bethesda, outside Washington, saying the 12,000 grant awards would create tens of thousands of jobs over the next two years.
"We know that this kind of investment will also lead to new jobs: tens of thousands of jobs conducting research, manufacturing and supplying medical equipment, and building and modernizing laboratories and research facilities," Obama said in remarks released by the White House.
The awards will focus on medical and clinical research in several areas, including HIV-AIDS, (A) H1N1 Flu and cancer.
Obama's 787-billion-dollar stimulus plan passed by Congress in February, contains a mix of tax cuts and infrastructure spending, designed to create millions of jobs and pull the US economy out of recession.