Federal R&D represents less than 1% of the GDP. We propose increasing its funding by 30-40% to return it to the >1.2% levels from before 1990. The return on investment would be huge in the form of new jobs and economic growth.
This funding relative to GDP has seen a constant decline over the past 20 years, and with the recent sequestration cuts it will continue to do so. This is in stark contrast to developed countries in Asia who have had their funding increase in response to the ever more high-tech global economy.
Most affected is basic research, which is funded primarily by federal agencies. It is universally regarded that it's basic research that allows for the development of the new technologies and new high-tech industries that will grow our economy.
Sources: AAAS, CBO, NSF