This report reveals that federal research and development obligations are scheduled to rise from $17.4 billion in fiscal year 1974 to an estimated $18.9 billion in fiscal year 1975 and to $21.7 billion in fiscal year 1976. The gains in funding are 8.4 percent for 1975 and 14.5 percent for 1976, both of these the largest relative rises in the period between 1966 and 1976. The chief impetus to growth in 1976 is derived from programs related to defense and space. Applied research will be more heavily funded in 1976 than will basic research. For the first time since 1971, engineering will be the leading field of science in federal research support, with the life sciences in second place. A few data are provided concerning the geographical distribution of funds; more comprehensive data are contained in "Federal Funds for Research, Development, and Other Scientific Activities." Financial statistics and brief program descriptions are given for the funds provided to the following agencies: the Department of Defense; the Department of Health, Education, and Welfare; the National Aeronautics and Space Administration (NASA); the Energy Research and Development Administration (ERDS); the National Science Foundation (NSF); and the Department of Agriculture. (MLH)