Jan 26, 2009 7:56 am US/Eastern
NYC Hoping For 'Shot In The Arm' From Stimulus $$
Schumer: $3.4B Stimulus 'A Shot In The Arm' For Big Apple
NEW YORK (CBS) ―
New Yorkers are hoping President Obama's economic stimulus plan sails through Congress. As it stands now, the city will be receiving a serious chunk of change to help balance the budget in these tough economic ties.
As the Big Apple slips deeper into an economic abyss, help may be on the way.
U.S. Sen. Charles Schumer says Obama's economic stimulus package will send nearly $3.4 billion in aid to New York City.
Schumer says it's going to be a shot in the arm for New York City, and prominent NY politicians cautiously agree.
"The federal stimulus bill that is shaping up on Capitol Hill is going to provide some $3.4 billion in direct relief to NYC over the next two years, and I can tell you, we really need it," Mayor Michael Bloomberg said.
Schumer, Bloomberg and Rep. Charles Rangel say they expect $1.8 billion in budget aid and $1.6 billion in education funding.
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.
"It's gonna go a long way to easing the city's budget crunch," Schumer said. "[But] it's not a panacea. It's not a silver bullet."
"It's not over until it's over, but this is an exciting beginning in the worst of times," Rep. Charles Rangel said.
The stimulus package is expected to be signed by Obama by mid-February.
In Washington, the stimulus package continued to get the hard sell today.
It's been described as medicine our sick economy desperately needs, but even the strongest supporters concede it is a bitter pill. Sunday morning, on "Face the Nation," Vice President Joe Biden told Americans not to expect a miracle cure.
"There's been no good news and there's no good news on the immediate horizon," Biden said. "The only good news is the President acted swiftly."
There are reluctant Republicans who don't like that the package sets aside two-thirds of the $825 billion for new government spending and one-third for tax cuts, as they seek greater funding toward decreasing taxes.
Sen. John McCain said that he will vote against the bill as it's currently written.
"As it stands now, I would not support it," McCain said.
CBS 2's Jay Dow contributed to this report.
(© 2010 CBS Broadcasting Inc. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed. The Associated Press contributed to this report.)
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