Governors seek $1 trillion bailout

MADISON, Wis. - Five Democratic governors are asking the federal government for a $1 trillion bailout package, including $250 billion for education and $150 billion in middle class tax cuts.

The governors from Wisconsin, Massachusetts, New Jersey, New York and Ohio on Friday said they have presented their plan to President-elect Barack Obama's transition team as well as congressional leaders.

They said that level of federal aid is needed to deal with unprecedented state budget shortfalls in 41 states and Washington, D.C., that the Center on Budget and Policy Priorities pegged at $42 billion for the current fiscal year alone.