From the time of Vannevar Bush and World War II, academic research has played a role in the nation's economy. Vannevar Bush, national science advisor to both Presidents Franklin Roosevelt and Harry Truman, stated that major investments in research should be made to the nation's universities. His position was that the research capacity of colleges and universities was significantly important to long-term national interests. Currently, some Members of Congress have expressed concern about the health and competitiveness of U.S. colleges and universities, specifically research institutions. The nation's current economic situation, debt, and budget deficit are placing increased focus on cutting discretionary spending, the source of funding for U.S. academic research. This book examines federal support for academic research with a focus on funding physical sciences and engineering research; and the U.S. National Science Foundation.