Obama Announces Plan for Community Colleges

President Barack Obama says the current economic crisis is a transformative moment that requires action to compete in a global economy.

The president on Tuesday was unveiling a multibillion-dollar investment in the nation's community colleges at Macomb Community College in Michigan, in a state with the highest unemployment rate in the country.

Speaking in an outdoor setting, Obama offered a sober assessment of Michigan's current jobs picture. He said some of the jobs lost in the once thriving auto industry will not return. He said new jobs will require higher skilled workers that are better trained and educated.

His proposal aims to help 5 million Americans get degrees and education certificates over the next 10 years.