President Obama announced a plan to spend an unprecedented $12-billion over 10 years to improve programs, courses, and facilities at community colleges. The money, the president said, will position two-year institutions to produce five million more graduates over the next decade and to play a leading role in rebuilding the economy. But after the dazzle of the dollars dims many questions will remain: How will the grants be awarded? Can the administration ensure that community colleges will, as the president proposes, help workers learn the "skills they need to fill the jobs of the future," instead of preparing them for professions of the past? And is a brand-new grant program the most effective way of achieving Mr. Obama's ambitious goals? This article takes an in-depth look at ways the President's proposal might play out.