Specter Wants More NIH Funding
Washington, D.C. – Today U.S. Senator Arlen Specter (R-Pa.), along with Senator Dick Durbin (D-Ill.), introduced an amendment to the stimulus package to increase funding for the National Institutes of Health (NIH) by $6.5 billion.
The Specter-Durbin Amendment provides an additional $6.5 billion for the NIH - bringing the total to $10 billion over two years - and is completely offset by funds from the State Fiscal Stabilization Fund. The additional dollars would be distributed to each of the Institutes and Centers in amounts proportional to their funding level in Fiscal Year 2008. Economists estimate that the $10 billion provided to NIH could result in the creation of over 70,000 jobs in the health industry over the next two years.
“Including funding for the NIH in the bill will provide needed economic stimulus, enable long-term economic growth and save lives,” Specter said. “The National Institutes of Health have been starved recently. This increase in funding will enable the National Institutes of Health to continue to produce remarkable achievements in scientific advances.”
Senator Tom Harkin (D-Iowa), who is offering a second-degree amendment to the Specter-Durbin Amendment which includes no offset, said: “To fix and modernize our economy we need to do the same with our health care system. This investment will allow the NIH to continue to be the premier biomedical research agency in the world. It is vital for the Congress to support our scientists as they search for treatments and cures that could provide hope to millions of Americans.”
Healthcare is currently 16% of the U.S. economy and predicted to reach a total cost of $4.2 trillion within ten years. The NIH is part of the solution to the long-term problems of healthcare costs. Economists have estimated that NIH funds have a two-and-a-half times multiplier effect on the economy and each grant supports an average of seven jobs.
The Specter-Durbin Amendment provides an additional $6.5 billion for the NIH - bringing the total to $10 billion over two years - and is completely offset by funds from the State Fiscal Stabilization Fund. The additional dollars would be distributed to each of the Institutes and Centers in amounts proportional to their funding level in Fiscal Year 2008. Economists estimate that the $10 billion provided to NIH could result in the creation of over 70,000 jobs in the health industry over the next two years.
“Including funding for the NIH in the bill will provide needed economic stimulus, enable long-term economic growth and save lives,” Specter said. “The National Institutes of Health have been starved recently. This increase in funding will enable the National Institutes of Health to continue to produce remarkable achievements in scientific advances.”
Senator Tom Harkin (D-Iowa), who is offering a second-degree amendment to the Specter-Durbin Amendment which includes no offset, said: “To fix and modernize our economy we need to do the same with our health care system. This investment will allow the NIH to continue to be the premier biomedical research agency in the world. It is vital for the Congress to support our scientists as they search for treatments and cures that could provide hope to millions of Americans.”
Healthcare is currently 16% of the U.S. economy and predicted to reach a total cost of $4.2 trillion within ten years. The NIH is part of the solution to the long-term problems of healthcare costs. Economists have estimated that NIH funds have a two-and-a-half times multiplier effect on the economy and each grant supports an average of seven jobs.
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