Obama Announces Race To Top For Universities

President Barack Obama called on colleges and universities across the nation to keep their tuitions low or risk losing federal funding, and announced a "Race to the Top" initiative that will encourage states not to cut funding for higher education.

During his speech Friday morning at the Al Glick Fieldhouse on the University of Michigan campus, Mr. Obama said universities cannot continue to raise tuition rates each year. And if they do, they will see their federal funding decrease, he said. This would be first time federal government has tied aid to higher education to tuition rates.
"We are putting colleges on notice," Mr. Obama said.

His trip to Michigan was part of a three-day swing across the country to help sell the nation on the proposals he outlined in the State of the Union speech delivered on Tuesday.