NEW YORK, NY June 27, 2008 —The proposed across-the-board cuts at schools have been wiped out as the Bloomberg administration agrees to restore $129 million in education funding.

But education activists say they're still taking a wait and see attitude. Geri Palast, of the Campaign for Fiscal Equity, say it's still too soon to see if schools will be adversely affected in the next year.

PALAST: We do know there will be new money and we do know there will be programmatic change. What we don't know yet until we examine the budget closely is exactly what the real impact on schools will be.

REPORTER: Schools Chancellor Joel Klein had been seeking a 1.4 percent cut at all schools which prompted advocates, parents and the teachers' union to hold dozens of rallies in the past three months to protest the cuts. The overall $59.1 billion budget is due Monday.