State Gets Stimulus Numbers

Officials say money from the federal stimulus bill will help but not eliminate the fiscal crisis facing New York State and City.

Senator Charles Schumer says the 2 year package would bring New York state more than $4 billion in education aid, which is enough to head off the $700 million in cuts proposed for next year, though maybe not enough to offset cuts the following year.

SCHUMER: The $4 billion we got is good. it's going to go a long way to preventing cuts in education, teacher layoffs and school tax increases.

REPORTER: Another $12.6 billion billed as Medicaid relief will ease the need for state and local budget cuts. But Governor Paterson says there could still be layoffs.

Neither Schumer nor Paterson could say how much total aid New york state will receive because the amount has not been tabulated.

The House and the Senate are expected to approve the stimulus package tomorrow or Saturday.

President Obama expects to sign the bill on Monday, President's Day.