The initiative is aimed at strengthening US economic leadership in the face of growing competition from countries like China and India, Bush said in his annual State of the Union speech to Congress.
'We must continue to lead the world in human talent and creativity,' he said, vowing that Americans 'are going to keep that edge.'
The initiative includes doubling the government commitment to research in the physical sciences over the next decade to explore cutting-edge areas such as nanotechnology, supercomputing and alternative energy sources, Bush said.
The programme would also promote the private sector's own investments in innovation and strive to make US children better in mathematics and science.
Bush touted the US economy's dynamism, drawing applause from lawmakers when he told them the US had created 4.65 million news jobs in the last 2 1/2 years - more than Japan and the European Union combined.
'The American economy is pre-eminent - but we cannot afford to be complacent,' he said, appealing to lawmakers to approve the funding needed for his American Competitiveness Initiative.
The plan calls for 5.9 billion dollars in government funding in its next fiscal year and more than 136 billion dollars over 10 years, the White House said.
Reflecting concerns about the state of US school education, part of the money would go to elementary and high schools to improve math and science classes, and for 'rigorous courses that teach important analytical, technical and problem-solving skills,' the White House said.
The aim is to 'ensure that America will lead the world in opportunity and innovation for decades to come,' Bush said in his speech.
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