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President Obama’s administration has agreed to increase funding to the nation’s historically Black colleges and universities.

In the President’s 2011 fiscal year budget he calls for an increase of $98 million for HBCUs nationwide.

The administration is also said to be looking to increase Pell Grants and double Perkins loans and tuition tax credits.

The call for additional funding comes amongst criticism aimed at the President for not renewing an HBCU funding program used during Geroge W. Bush’s Presidency.

Education Secretary Arne Duncan has since spoken out on the President’s new plan for the institutions, telling TV One’s Roland Martin:

“We have great news, that, going forward, we’re proposing in the budget an increase of $98 million annually for HBCUs, so that’s a tremendous commitment. I said from Day One we desperately need HBCUs not just to survive, but to thrive.”

The $98 million comes as the President tries to find a way to ease its $1.6 trillion dollar deficit.