Our Terms of Service and Privacy Policy have changed.

By continuing to use this site, you are agreeing to the new Privacy Policy and Terms of Service.

Senate to vote on $26 billion in aid for desperate states

By Tami Luhby, senior writer


NEW YORK (CNNMoney.com) -- Senate Democrats are once again trying to push through a bill that would send $26 billion to needy states.

The measure contains $16 billion in additional Medicaid money and $10 billion in education funding to prevent teacher layoffs. State officials have been desperately lobbying their representatives, saying they need the money to shore up their budgets. President Obama weighed in Monday, asking lawmakers to pass the bill.

Lawmakers will take a procedural vote on Wednesday. It needs 60 votes to pass, meaning some Republicans would have to cross the aisle. If it passes this hurdle, a final vote could come late in the week, just before the Senate is scheduled to recess for the long August break.

Senate Majority Leader Harry Reid, D-Nev., had pushed back the vote by two days to amend the legislation after learning it would increase the deficit by $4.9 billion despite offset measures. The amended bill has no impact on the deficit.

The GOP, however, is not taking kindly to sending more aid to the states, saying the original $787 billion stimulus package was meant to do that. To top of page

Search for Jobs

Index Last Change % Change
Dow 19,756.85 142.04 0.72%
Nasdaq 5,444.50 27.14 0.50%
S&P 500 2,259.53 13.34 0.59%
Treasuries 2.46 0.08 3.23%
Data as of 6:15am ET
Company Price Change % Change
Bank of America Corp... 23.09 0.14 0.61%
Ford Motor Co 13.17 0.14 1.07%
Chesapeake Energy Co... 7.72 0.12 1.58%
Twenty-First Century... 28.21 -0.43 -1.50%
Apple Inc 113.95 1.83 1.63%
Data as of Dec 9
Sponsors

Sections

Even Carl Icahn, one of President-elect Donald Trump's biggest cheerleaders on Wall Street, thinks the post-election exuberance in the stock market has gotten a bit out of hand. More

Republican leaders keep saying Obamacare is hurting the economy and killing jobs, but there's scant evidence for it. In fact, a number of studies show that the economy has been growing. More

Facebook admits it messed up more ad metrics than previously thought, potentially eroding its trust and relationship with marketers and publishers. More

The Los Angeles city attorney is suing four major retailers over claims that they deliberately inflated the original price on some items that misled customers into thinking they were getting a better deal. More