Harry Reid falsely claims failure to reach deal means "no schools for our children"

◼ Continuing to ratchet up his rhetoric, Senate Majority Leader Harry Reid falsely claimed on Thursday that a failure to raise the debt limit could mean "no schools for our children." - Philip Klein/Washington Examiner

But in reality, federal funding only pays for 8.5 percent of the cost of the nation's elementary and secondary schools, according to the most recent data available from the U.S. Department of Education (for 2006 to 2007). Federal and local funding comprised the remaining 91 percent and change.