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Obama awards $5 billion for medical research

/ Source: The Associated Press

President Barack Obama has announced $5 billion in government grant money to help pay for research into cures for cancer and other diseases.

Obama traveled to suburban Maryland Wednesday to make the announcement at the National Institutes of Health, where he paid tribute to federal employees who "save countless lives."

The president said "we know that that the work you do would not get done if left solely to the private sector." He said he is making a "historic commitment" to new research to save and enrich the lives of people. Obama said the money from the $787 billion economic stimulus law represents the "single largest boost" to biomedical research.