What is in this article?:
- Congressional Budget Office: Budget and Economic Outlook: An Update
- Education and Skills for American Workers
- Build America: A 21st Century Infrastucture
Education and Skills for American Workers
♦ $850 million for Race to the Top, which implements systemic education reforms in five critical areas, including early learning and care. The Budget also provides $300 million in new resources to improve child care quality and prepare children for success in school.
♦ A new $5 billion competitive program that will challenge states and districts to work with their teachers and unions to attract, prepare and reward great teachers to help students learn.
♦ Make college more affordable and help achieve the President’s goal of the U.S. leading the world in college graduates by 2020:
> Sustains the maximum Pell Grant award through the 2014-15 award
> A one-year measure to prevent student loan interest rates from doubling this summer, and double the number of work-study jobs.
> New reforms to help address rising costs by shifting some Federal aid away from colleges that fail to keep net
tuition down and by providing incentives for States and colleges to keep costs under control.
> Makes permanent the American Opportunity Tax Credit (AOTC) – a partially refundable tax credit worth up to $10,000 per student over four years of college. AOTC helps more than
9 million students and their families afford the cost of college.
♦ Supports State and community college partnerships with businesses to build the skills of American workers, and creates a Pathways Back to Work Fund, which will support summer and year-round jobs for low-income youth, and will help connect the long-term unemployed and low-income adults to subsidized employment and work-based training opportunities.
American Innovation and Manufacturing
♦ $140.8 billion for R&D overall; increases the level of investment in non-defense R&D by 5 percent from the 2012 level, even as overall budgets decline; maintains the President’s commitment to double the budgets of three key basic research agencies (National Science Foundation, Department of Energy’s Office of Science and National Institute of Standards and Technology Laboratories); expands and makes permanent the R&D tax credit.
♦ $2.2 billion for advanced manufacturing R&D, a 19 percent increase over 2012.
♦ Provides tax incentives for manufacturers who create jobs here at home and doubles the deduction for advanced manufacturing; ends tax deductions for shipping jobs overseas; and establishes a Manufacturing Communities Tax Credit to encourage investment in communities affected by job loss.
♦ Levels funding for biomedical research at NIH ($30.7 billion); and to get more out of the money, proposes new grant management policies to increase the number of new research grants by 7 percent.
♦ Supports the goals of: putting
1 million electric vehicles on the road by 2015; doubling share of electricity from clean energy sources by 2035; and reducing buildings’ energy use by 20 percent by 2020.
> Elimination of 12 tax breaks to oil, gas and coal companies will raise $41 billion over 10 years.