A great deal of science is funded by the US government. The total research funding for 2009 was 54.8 billion dollars (much more if you include all R&D). A breakdown by agency of total R&D shows that the NIH (National Institutes for Health) funding is 28.5 billion while the NSF (National Science Foundation) is 4.1 billion.
There is general agreement that this expenditure is an investment on critical intellectual infrastructure for our nation and is vital to our competitiveness and standard of living. The government certainly has the right, and in fact the duty, to ensure that this money is well-invested. Government oversight is therefore understandable. Inevitably, however, politics is likely to intrude.
Representative Lamar Smith has been developing legislation that would in effect replace the peer-review process by which grants are currently given with a congressional process. Rather than having relevant scientists and experts decide on the merits of proposed research Smith would have politicians decide. It is difficult to imagine a more intrusive and disastrous process for public science funding.