New York, NY —

In a local update on the federal stimulus package, $3.4 billion in aid is expected for New York City.

Mayor Bloomberg joined Senator Charles Schumer and Congressman Charles Rangel, who heads the House Ways and Means Committee, last night at City Hall.

The Mayor was cautiously optimistic.

BLOOMBERG: It's not going to solve all of our problems, not by a long shot. It's not going to eliminate all of the tough decisions we have to make but I will say it will go a long ways to eliminating some of the most drastic options.

REPORTER: $1.8 billion is slated for budget aid, with another $1.6 billion planned for education funding.

Senator Schumer says he expects President Obama to sign the stimulus package by mid-February.