High Dropout Rate Poses a Threat to US, Obama Says

President Obama outlined a plan to to help lower the country's dropout rate, an increasingly high figure that the he said poses a threat to the economic future of the U.S., CNN said.

The program will provide "School Turnaround Grants" to 5,000 schools with performance and graduation rates that are below 60 percent, Obama said in an appearance at the U.S. Chamber of Commerce on Monday, The New York Times said.

The president proposed $900 million in grants for the program, The New York Times said.

To qualify for a grant, Obama proposed the firing of the principal and at least half the staff, citing that there has to be accountability taken for the students who continue to fail out in certain districts, CNN said.

Obama called the 1.2 million high school drop out rate per year a crisis in our developing "knowledge economy."

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