India, Oct. 31 -- Public investment in research has driven some of the most transformative breakthroughs of the modern era, from the internet and GPS to cancer treatments and clean energy. Yet today, federal research and development (R&D) accounts for just 3% of the US budget-half the share it held 30 years ago.

While the US has long been a leader in science and technology, that position is now at risk. Declining investments and rising global competition, especially from China, are threatening the nation's edge in innovation.

To strengthen that leadership, a new report from the Committee for Economic Development (CED), the public policy center of The Conference Board, outlines a national strategy centered on smarter federal investment, ...