Obama:$2B available for battery grants

WAKARUSA, Ind., Aug. 5 (UPI) -- U.S. President Barack Obama told an audience in Wakarusa, Ind., that the U.S. economy is beginning to recover and asked for patience during the road back.

By pursuing innovation and technology, the U.S. economy will be rebuilt and become globally competitive enough to avoid the cycles of boom and bust and "strong enough to unleash prosperity for everybody, not just some," Obama said during an invitation-only event at the Monaco RV plant.

Obama also announced $2.4 billion in grants to accelerate the manufacturing and use of next-generation car batteries and electric vehicles.

"I'm committed to a strategy that ensures America leads in the design and the deployment of the next generation of clean-energy vehicles," Obama said. "This is not just an investment to produce vehicles today; this is an investment in our capacity to develop new technologies tomorrow."

Indiana will be the second-largest recipient of funding, Obama said, noting the Hoosier State had a wealth of colleges, universities and businesses to help fulfill grant requirements.

"And right here in Elkhart County, Navistar, which has taken over two Monaco Coach manufacturing facilities, will receive a $39 million grant," he said.

The grants will create tens of thousands of U.S. jobs, Obama said, noting Vice President Joe Biden was announcing grant winners in Michigan while Cabinet members were criss-crossing the country to announce recipients elsewhere.

Innovation is important because global competition is keener, Obama said.

"(Innovation is) the key to good new jobs in the 21st century," he said. "That's how we will ensure a high quality of life for this generation and future generations."

The administration used recent economic indicators to suggest the economy is beginning to recover. But the White House also cautioned that the recovery will be slow to take hold.