This document discusses the threat of a growing U.S. innovation deficit due to declining public investment in basic research. It provides case studies of underfunded areas of science that could yield major benefits, including advances in health, energy, high-tech industries, and national security. These include research related to Alzheimer's disease, cybersecurity, space exploration, plant sciences, quantum information technologies, policy analysis, catalysis, fusion energy, infectious diseases, defense technologies, photonics, synthetic biology, materials discovery, robotics, and batteries. Increased investment in these fields could lead to new treatments, more efficient energy and manufacturing, economic growth, and strategic advantages over competitors like China.