"Discovery," wrote William Press in a 2013 article in "Science," "leads to technology and invention, which lead to new products, jobs, and industries." Basic, curiosity-driven research continually expands the boundaries of knowledge across fields, providing insights that enrich lives. Such research helps drive the U.S. economy, enhances national security, and improves human health and wellbeing. Basic research conducted at universities also provides training for the nation's scientific and engineering workforce in business, manufacturing, government, and academia. This brief looks at the funding and performance of basic research in the United States, which in 2012 totaled nearly $75 billion, with an emphasis on the role of universities. The data illustrate the importance of the long-standing partnership between universities and the federal government for the nation's basic research enterprise.