Hopefully someone in the vast (ahem.) readership of this blog will pass this along to someone with connections in the Obama transition team. I've already submitted this idea to change.gov, but who knows the rate at which that gets read.
As part of the forthcoming major economic stimulus package, I propose that the Obama administration fully fund the America Competes initiative immediately. If the goal of the package is to stimulate the economy while doing something for the long-term health of the country (e.g., creating jobs while fixing roads, bridges, etc.), then funding basic research via the various agencies is a great thing to do. Think about it: the US spends less as a percentage of GDP than most of the rest of the developed world on science research. Rectifying that to some degree would (a) help the long-term prospects for technological innovation in the US; (b) create jobs; (c) support the goal of developing energy-related technologies; (d) support our universities, many of which are getting hammered by falling state revenues and/or poor endowment returns. Best of all, you could do all of this and it would be a freakin' bargain! You could double the research funding in NSF, NIH, DOE, NASA, and NIST, and not even come close to the amount of money we've already given to AIG. I'm suggesting something far more modest and much less disruptive. Seriously, ask yourself what's better for the long-term health of the country. Cutting basic science to pay for propping up Goldman Sachs is perverse.
Update: If you think that this is a good idea, I encourage you to submit your suggestion here, here, and/or here.