/PRNewswire/ -- Speaker Nancy Pelosi released the following statement today following President Obama's speech in Troy, N.Y. on innovation and Energy Secretary Steven Chu's announcement in Washington on funding to modernize our electrical system and build a smart energy grid:
"Today, President Obama reiterated a fundamental truth in America's economic history: innovation is the foundation for long-term prosperity. The President eloquently laid out a national strategy that has been lacking for a critical and fast-paced decade. Resting at the center of our recovery efforts, innovation is key to maintaining our nation's global competitiveness, creating jobs, and ensuring economic growth long into the future.
"The challenges of the 21st century cannot be met with 20th century solutions, and the New Direction Congress will continue to work with President Obama to ensure that we invest in clean energy industries, promote new technologies, support basic research, and train our students for the jobs of tomorrow.
"The 111th Congress is working on several fronts to keep America number one in our global economy. The American Recovery and Reinvestment Act is supporting small businesses committed to innovation and protecting jobs in critical sectors. The measure invests more than $100 billion in basic scientific research, fuel-efficient vehicles and homes, high-speed rail, and reinforcements in our infrastructure.
"Earlier today, Secretary of Energy Steven Chu announced $144 million in Recovery Act funding to modernize our electrical system and build a smart grid that strengthens our national security, creates clean energy jobs, saves consumers money on their energy bills, and diversifies our power supply with renewable, clean American energy.
"Throughout our nation's history, the ingenuity, hard work, and unmatched potential of the American people have been the building blocks for progress for every family. Congress shares President Obama's vision, and we will continue to work together to build an innovation economy in the years to come."
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