New York – Sen. Charles Schumer says the state could get at least $5 billion in financial aid under a new economic stimulus package being developed by President-elect Barack Obama’s transition team and congressional leaders.

The senator is expected to discuss Monday how the funds for New York could help defray budget cuts and future tax hikes. He says the state could also benefit because the funds could be directed to mass transportation projects nationwide.

Obama adviser David Axelrod said Sunday that the cost of a stimulus plan could be “$675 billion to $775 billion.” But he said “those numbers are not fixed.”

(Source: WCBS880)