Obama: U.S. should fund research for cleaner cars
WASHINGTON (AP) - President Barack Obama says the U.S. must shift cars and trucks off oil for good so the public can avoid spikes in gasoline prices.
In his weekly radio and Internet address, Obama promotes a plan to direct $200 million a year into an energy security trust to fund research for alternatives like electric car batteries and biofuels. He says the trust would use revenues from federal leases on offshore drilling without adding to the deficit.
Obama says investing in clean energy will help create jobs. He's envisioning cars that can one day go coast to coast without using any oil.
In the Republican address, House Budget Committee Chairman Paul Ryan of Wisconsin says Republicans have a plan to balance the federal budget in 10 years by cutting spending.