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Jun 24, 2011 6:06 AM by Kate Richards

President Obama announces $500 million technology project

PITTSBURGH (AP) - President Barack Obama is announcing a $500 million project Friday to spur high-technology manufacturing, a sector of U.S. industry that presidential advisers say has lost ground to overseas competitors. The White House says the project could lead to such things as lighter cars and smarter robots.

Obama plans to call for a joint effort by industry, universities and the government to help reposition the United States as a leader in cutting-edge manufacturing, including biotechnology, robotics and nanotechnology.

The initiative represents another effort by Obama to promote job-creation in the midst of an economic slowdown that has reduced hiring and weakened his standing with the public.

The president has tried to elevate his profile on the economy with weekly job-related trips to states that are key to his re-election.

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