Obama Directs $500 Million to Help Boost Manufacturing, Jobs

President Barack Obama said he's designating more than $500 million to an effort with companies and universities to speed technology development, meet global competition and create jobs.

"With these key investments, we can ensure that the U.S. remains a nation that 'invents it here and manufacturers it here' and create high-quality, good-paying jobs for American workers," Obama said in a statement released by the White House before he speaks later today at Carnegie Mellon University in Pittsburgh.