New education spending alone is close to $100 billion. It includes $40.6 billion to local school districts to avoid budget cuts and layoffs and to upgrade schools, plus $5 billion in bonus grants to states that meet performance measures under the federal No Child Left Behind Act.
For college students, the higher education tax credit is increased to $2,500 and made partially refundable – a move targeted at some 4 million low-income students. In addition, the maximum Pell Grant, also targeted to low-income students, is raised by $500 to a maximum of $5,350 in 2009 and $5,550 in 2010.
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