NYC Should Get Some Help from Stimulus Bill

Mayor Michael Bloomberg made a trip down to Washington Wednesday to meet with federal lawmakers in an effort to lobby for more stimulus money for the New York City, as the Senate and House announced a compromise bill on the economic stimulus plan.

Sources said Bloomberg was focusing on aid for education. He was joined on his trip by United Federation of Teachers President Randi Weingarten.

Speaking to reporters, Bloomberg said the trip was a success.

"It generally looks like we've achieved the bulk of what we hoped to achieve," he said.  He said with the federal help, it seems that additional budget cuts in the City will not be likely. But it's unclear if the projected cut of 15,000 NYC education jobs will be reduced. with the federal help

Bloomberg was due to wrap up the day with a meeting with Senator Ted Kennedy's chief of staff and Republican Senator Arlen Specter of Pennsylvania.

Senate Majority Harry Reid announced the agreement just before 3 p.m. Wednesday.

Lawmakers said President Barack Obama could sign the new bill within days.

Reid, who was joined by moderate senators of both parties, said the compromise bill "creates more jobs than the original Senate bill and costs less than the original House bill."

The $789 billion stimulus plan will help create 3.5 million jobs, provide tax relief to low and middle-class families, and offer financial relief to states, lawmakers said.

President Barack Obama's negotiating team was able to restore some funding for school construction projects and increase state aide.  

The principal components of the compromise measure include money to help victims of the recession, and up to $44 billion in aid for state battling with their own budget woes.  Forty-three states are running deficits this year, as the economic crisis resutled in a steep drop in state income and sales tax revenues.

New York said it faces a $15 billion shortfall for the fiscal year ending 2010.

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