On Tuesday, Feb. 17, President Barack Obama signed the American Recovery and Reinvestment Act of 2009 (HR 1) into law. Among many other provisions in the bill that the president and U.S. Congress hope will stimulate the U.S. economy, an amendment was added in the final days of deliberation that increases the amount of funding provided to the National Institutes of Health (NIH) by $6.5 billion.
The amendment was introduced by Sens. Richard Durbin (D-IL), Tom Harkin (D-IA) and Arlen Specter (R-PA). The final agreement provides the NIH with $10 billion in the stimulus package, with some $677 million of that designated for the National Cancer Institute (NCI).
The economic stimulus package is an ideal vehicle for increased NIH and NCI funding, as studies show that investments in biomedical research help to boost local economies. A recent study by Families USA found that for each $1 million that NIH invested, states generated an average of $2.21 million in new business activity. Also, improved therapies could improve worker productivity.
Above information from the Leukemia and Lymphoma Society