Schumer: $2.5 Billion from Stimulus for Education

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Governor Paterson says at least $24.6 billion will flow into New York State from the federal stimulus package signed by President Obama. Senator Charles Schumer says the money will help cover at least some of New York City's budget shortfall, especially for education.

SCHUMER: The city is going to get about $2.5 billion in education aide in addition, which means that the schools will be helped and massive layoffs of teachers can be avoided without raising the property tax.

REPORTER: In a memo, Deputy Mayor Ed Skyler estimates the level of education funding from the stimulus package will be lower, just under $2 billion, but he too is optimistic that layoffs will be avoided.