U.S. Sen. Charles Schumer says President Barack Obama's economic stimulus package will send nearly $3.4 billion in aid to New York City.
"This is a lifeline. This is the biggest shot in the arm the federal government has given New York City in a long time," said Schumer.
Schumer, Mayor Michael Bloomberg and Rep. Charles Rangel say they expect $1.8 billion in budget aid and $1.6 billion in education funding. This comes as part of a total of $10 billion to $15 billion in aid heading for New York State.
Schumer fought to include in the stimulus package a provision to send budget aid directly to cities instead of through states. He says that was to ensure New York City gets its fair share.
Schumer, Rangel and Bloomberg say the American Recovery and Reinvestment Plan will help alleviate the city's budget problems but won't eliminate the tough choices city and state officials have to make because of the weak economy.
The stimulus package is expected to be signed by Obama by mid-February.
Schumer says it's going to be a shot in the arm for New York City.
